FI-TEK GROUP 401(K) PLAN Contribution & Employer Match

FI-TEK GROUP 401(K) PLAN Contribution & Employer Match

FI-TEK, LLC provides the following retirement savings benefits to its employees:

FI-TEK GROUP 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FI-TEK GROUP 401(K) PLAN is $120,634.00

FI-TEK GROUP 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FI-TEK GROUP 401(K) PLAN is $9,721.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
622,180.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,721.00 in FI-TEK GROUP 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in FI-TEK GROUP 401(K) PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

FI-TEK GROUP 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FI-TEK GROUP 401(K) PLAN allocates $601,179.00 to match its employees' contributions, providing an employer match rate of 32.81% of their contributions

FI-TEK GROUP 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FI-TEK GROUP 401(K) PLAN is approximately $3,164.00
Investing in this additonal $3,164.00 for 20 years would give you extra $202,502.00, assuming a 10% annual return.

FI-TEK GROUP 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute a percentage or an amount of their eligible compensation, as defined by the Plan, on a pre-tax basis.

2. Employer Match/Contribution Conditions: The Company makes a safe harbor matching contribution consisting of 3% of a participant’s eligible compensation, with eligible compensation limits for safe harbor matching contributions for 2022 set at $305,000. To be eligible for discretionary profit-sharing and qualified matching contributions, a participant must be employed on the last day of the Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and in the Company’s safe harbor contributions. Vesting in the Company’s discretionary profit-sharing and qualified matching contributions is as follows: 0 - 1 year: 0%, 2 years: 0%, 3 years: 100%. Eligibility requires completion of 1,000 hours, 6 months of service, and being age 21 or older.

4. Roth 401(k) Contribution: Participants can also designate a portion of their contributions as Roth 401(k) contributions.

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