GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Contribution & Employer Match

GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Contribution & Employer Match

GARDNER WHITE FURNITURE COMPANY, INC. provides the following retirement savings benefits to its employees:

GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN is $20,268.00

GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN is $3,327.00. 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.
212,945.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,327.00 in GARDNER WHITE FURNITURE COMPANY, INC. 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 GARDNER WHITE FURNITURE COMPANY, 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’.

GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN allocates $121,490.00 to match its employees' contributions, providing an employer match rate of 4.65% of their contributions

GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN is approximately $126.00
Investing in this additonal $126.00 for 20 years would give you extra $8,082.00, assuming a 10% annual return.

GARDNER WHITE FURNITURE COMPANY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants can contribute a portion of their compensation, with an auto-enrollment deferral rate set at 3% of eligible compensation.

2. Employer Match/Contribution Conditions: The employer matching contribution is discretionary and was 10% of the participant’s elective deferral, applied up to 3% of an eligible participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer’s matching contributions upon entry into the Plan. Eligibility requires the employee to have attained the age of 21 and completed six months of service.

4. Roth 401(k) Contribution: The Plan allows Roth contributions.

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