GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Contribution & Employer Match

GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Contribution & Employer Match

GENERAL AVIATION FLYING SERVICES, INC. provides the following retirement savings benefits to its employees:

GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN is $106,361.00

GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN is $2,566.00. 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.
164,270.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,566.00 in GENERAL AVIATION FLYING SERVICES, 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 GENERAL AVIATION FLYING SERVICES, 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’.

GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN allocates $217,993.00 to match its employees' contributions, providing an employer match rate of 44.58% of their contributions

GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN is approximately $1,141.00
Investing in this additonal $1,141.00 for 20 years would give you extra $73,044.00, assuming a 10% annual return.

GENERAL AVIATION FLYING SERVICES, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their plan compensation on a pre-tax basis, subject to Internal Revenue Code limitations.

2. Employer Match/Contribution Conditions: The employer matches 100% of deferrals on the first 4% of compensation, for a maximum match of 4% of compensation. Additional discretionary non-elective contributions may be made subject to the participant having worked at least 1,000 hours during the plan year.

3. Vesting Schedule/Eligibility: Participants are fully vested in their own contributions and safe harbor matching contributions. Company contributions vest according to the following schedule: 0% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Eligibility requires completion of one month of service and attainment of age 18.

4. It allows Roth 401(k) contribution.

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