GRAEF RETIREMENT SAVINGS PLAN Contribution & Employer Match
GRAEF RETIREMENT SAVINGS PLAN Contribution & Employer Match
GRAEF-USA INC. provides the following retirement savings benefits to its employees:
GRAEF RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
GRAEF RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
467,164.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,299.00 in GRAEF RETIREMENT 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 GRAEF RETIREMENT 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’.
GRAEF RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
GRAEF RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,174.00 for 20 years would give you extra $75,193.00, assuming a 10% annual return.
GRAEF RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions, with a maximum match of $2,000 per year.
3. Vesting Schedule/Eligibility: The vesting schedule is 100% after 3 years of service. Employees are eligible after completing 1,000 hours of service in a calendar year.
4. Roth 401(k) contribution: Yes, it allows Roth 401(k) contributions.
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