GABLES ENGINEERING, INC. 401(K) PLAN Contribution & Employer Match
GABLES ENGINEERING, INC. 401(K) PLAN Contribution & Employer Match
GABLES ENGINEERING, INC. provides the following retirement savings benefits to its employees:
GABLES ENGINEERING, INC. 401(K) PLAN Average Participant Retirement Account Value
GABLES ENGINEERING, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
342,946.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,358.00 in GABLES ENGINEERING, INC. 401(K) PLAN, 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 GABLES ENGINEERING, INC. 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’.
GABLES ENGINEERING, INC. 401(K) PLAN Total Employer Contribution and Match Rate
GABLES ENGINEERING, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $3,806.00 for 20 years would give you extra $243,627.00, assuming a 10% annual return.
GABLES ENGINEERING, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to a maximum of $20,500, and if over 50 years of age, an additional $6,500 in 2022.
2. Employer Match/Contribution Conditions: The Company matches 100% of a participant’s deferrals up to a maximum of 6% of the participant’s compensation deferrals.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and employer matching and discretionary contributions upon enrollment in the Plan. To receive discretionary contributions, participants must be employed on the last day of the Plan year and have completed one year of service (1,000 hours) during the Plan year.
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