GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Contribution & Employer Match
GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Contribution & Employer Match
GREAT SOUTHERN BANCORP, INC. provides the following retirement savings benefits to its employees:
GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Average Participant Retirement Account Value
GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
188,616.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,947.00 in GREAT SOUTHERN BANCORP, INC. 401(K) 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 GREAT SOUTHERN BANCORP, 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’.
GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Total Employer Contribution and Match Rate
GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,585.00 for 20 years would give you extra $101,479.00, assuming a 10% annual return.
GREAT SOUTHERN BANCORP, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a percentage of their annual wages by way of salary reductions up to the amount currently allowable by the Internal Revenue Code.
2. Employer Match/Contribution Conditions: The Company makes matching contributions equal to 100% of the first 3% of the participant’s compensation which is deferred as a salary reduction, plus 50% of any deferrals between 3% and 5% of the participant’s compensation.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferral contributions and safe harbor matching contributions. A participant is fully vested after six years of credited service.
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