GRABILL CABINET COMPANY, INC. PROFIT SHARING Contribution & Employer Match
GRABILL CABINET COMPANY, INC. PROFIT SHARING Contribution & Employer Match
GRABILL CABINET COMPANY, INC. provides the following retirement savings benefits to its employees:
GRABILL CABINET COMPANY, INC. PROFIT SHARING Average Participant Retirement Account Value
GRABILL CABINET COMPANY, INC. PROFIT SHARING Estimated Average Employee Contribution Amount
9,726.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 151.00 in GRABILL CABINET COMPANY, INC. PROFIT SHARING, 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 GRABILL CABINET COMPANY, INC. PROFIT SHARING
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’.
GRABILL CABINET COMPANY, INC. PROFIT SHARING Total Employer Contribution and Match Rate
GRABILL CABINET COMPANY, INC. PROFIT SHARING Estimated Average Employer Match
Investing in this additonal $27.00 for 20 years would give you extra $1,737.00, assuming a 10% annual return.
GRABILL CABINET COMPANY, INC. PROFIT SHARING Contribution & Match Policy
1. Employee Contribution Rates: Participants could make voluntary pre-tax or after-tax Roth contributions as a percentage of eligible compensation, up to the annual dollar limits set by the Internal Revenue Code.
2. Employer Match/Contribution Conditions: The matching contribution was equal to 35 percent of salary deferrals up to 4 percent of eligible compensation.
3. Vesting Schedule/Eligibility: Participants were immediately vested in their contributions. Vesting in the Company’s matching contribution was 20 percent after two years of service, increasing by 20 percent each subsequent year.
4. Roth 401(k) Contribution: Yes, the plan allows for after-tax Roth contributions.
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