GILSON, INC. EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
GILSON, INC. EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
GILSON, INC. provides the following retirement savings benefits to its employees:
GILSON, INC. EMPLOYEES RETIREMENT PLAN Average Participant Retirement Account Value
GILSON, INC. EMPLOYEES RETIREMENT PLAN Estimated Average Employee Contribution Amount
319,361.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,990.00 in GILSON, INC. EMPLOYEES RETIREMENT 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 GILSON, INC. EMPLOYEES 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’.
GILSON, INC. EMPLOYEES RETIREMENT PLAN Total Employer Contribution and Match Rate
GILSON, INC. EMPLOYEES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $2,319.00 for 20 years would give you extra $148,451.00, assuming a 10% annual return.
GILSON, INC. EMPLOYEES RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may voluntarily contribute each year up to 90% of their pretax or after tax annual compensation.
2. Employer Match/Contribution Conditions: The Company may make a matching contribution equal to 166.67% of participant deferral contributions, subject to a maximum of 3% of compensation.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings. Vesting for employer matching contributions is based on eligible years of service, with matching contributions vesting at a rate of 20% per year, becoming fully vested after five years of credited service.
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