FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST Contribution & Employer Match
FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST Contribution & Employer Match
FLETCHERS MEDICAL SUPPLIES, INC. provides the following retirement savings benefits to its employees:
FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST Average Participant Retirement Account Value
FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST Estimated Average Employee Contribution Amount
45,909.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 717.00 in FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST
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’.
FLETCHER'S MEDICAL SUPPLIES, INC. 401(K) SALARY REDUCTION PLAN & TRUST Contribution & Match Policy
1. Employee Contribution Rates: Participants could contribute compensation, subject to certain limitations of the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The Company could make discretionary matching and/or profit-sharing contributions, but did not make any contributions during the year ended December 31, 2021.
3. Vesting Schedule/Eligibility: Participants were immediately vested in their total account balance, including rollover contributions. Vesting in the Company’s contribution was 20% after two years of service and 100% after six years of credited service. On the termination date, participants were fully vested in their account balances, including the Company contribution.
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