GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST Contribution & Employer Match

GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST Contribution & Employer Match

GREAT WESTERN BANCORP, INC. provides the following retirement savings benefits to its employees:

GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST is $306.00. 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.
19,594.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 306.00 in GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST, 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 GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST

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 WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST Total Employer Contribution and Match Rate

In 2022, GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST allocates $287,899.00 to match its employees' contributions, providing an employer match rate of 33.75% of their contributions

GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST is approximately $102.00
Investing in this additonal $102.00 for 20 years would give you extra $6,580.00, assuming a 10% annual return.

GREAT WESTERN BANCORP, INC 401(K) CONTRIBUTION PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 2.5% of compensation that an employee contributes to the plan.

3. Vesting Schedule/Eligibility: Vesting in the employer's contributions is as follows: 0% for less than 2 years, 25% for 2 years, 50% for 3 years, 75% for 4 years, and 100% for 5 or more years. Eligibility requires employees to complete 1,000 hours of service for the plan year and be employed on the last day of the plan year.

4. Roth 401(k) Contribution: The plan accepts Roth Elective Deferrals as all or part of a participant’s salary reduction contributions.

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