GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Contribution & Employer Match
GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Contribution & Employer Match
GANNETT MEDIA CORP. provides the following retirement savings benefits to its employees:
GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Average Participant Retirement Account Value
GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount
155,649.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,432.00 in GANNETT MEDIA CORP. 401(K) SAVINGS 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 GANNETT MEDIA CORP. 401(K) SAVINGS 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’.
GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate
GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $34.00 for 20 years would give you extra $2,198.00, assuming a 10% annual return.
GANNETT MEDIA CORP. 401(K) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75 percent of their salary to the plan.
2. Vesting Schedule/Eligibility: Participants are 100% vested in Company matching contributions made for 2021 and 2022 through the date the match was suspended in October 2022. Participants are also 100% vested in Company safe harbor matching contributions made between January 1, 2019 and when the match was suspended in August 2020. Special vesting rules may apply to union groups. Eligibility requires regular full-time, part-time, and temporary U.S. employees of a participating affiliate on Gannett Media Corp. payroll.
3. Roth 401(k) contribution: Yes, the plan allows Roth elective deferrals.
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