FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Contribution & Employer Match

FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Contribution & Employer Match

FORT MCDOWELL YAVAPAI NATION provides the following retirement savings benefits to its employees:

FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN is $44,492.00

FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN is $2,319.00. 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.
148,469.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,319.00 in FORT MCDOWELL YAVAPAI NATION RETIREMENT 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 FORT MCDOWELL YAVAPAI NATION RETIREMENT 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’.

FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN allocates $2,060,527.00 to match its employees' contributions, providing an employer match rate of 62.68% of their contributions

FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN is approximately $1,493.00
Investing in this additonal $1,493.00 for 20 years would give you extra $95,560.00, assuming a 10% annual return.

FORT MCDOWELL YAVAPAI NATION RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the annual statutory maximum as determined by the Internal Revenue Code, including after-tax Roth contributions.

2. Employer Match/Contribution Conditions: The employer matches 100% of an employee’s elective contributions, to the extent such contributions do not exceed 5% of the employee’s eligible compensation. For the period from January 1, 2021 through May 2021, the matching contribution was 100% of contributions not exceeding 4% of eligible compensation.

3. Vesting Schedule/Eligibility: Employees are immediately vested in their contributions and safe harbor matching contributions. Vesting in basic matching contributions occurs based on years of continuous service as follows: 25% after 2 years, 50% after 3 years, 75% after 4 years, and 100% after 5 years. Eligibility for employer contributions requires completion of one year of service and attainment of age 18.

4. Roth 401(k) Contribution: Yes, the plan allows for after-tax Roth contributions.

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