GROVE COLLABORATIVE, INC. 401(K) PLAN Contribution & Employer Match
GROVE COLLABORATIVE, INC. 401(K) PLAN Contribution & Employer Match
GROVE COLLABORATIVE, INC. provides the following retirement savings benefits to its employees:
GROVE COLLABORATIVE, INC. 401(K) PLAN Average Participant Retirement Account Value
GROVE COLLABORATIVE, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
130,100.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,032.00 in GROVE COLLABORATIVE, 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 GROVE COLLABORATIVE, 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’.
GROVE COLLABORATIVE, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary, limited by Plan provisions, with an automatic enrollment rate set at 5% of eligible compensation.
2. Employer Match/Contribution Conditions: The Plan allows for discretionary matching contributions, but there were no discretionary matching contributions for the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and rollover contributions. Vesting in the employer's discretionary matching contribution is 50% after one year of credited service and 100% after two years of credited service. Participants are fully vested upon reaching normal retirement age, death, or permanent disability.
4. Roth 401(k) contribution: Yes, the Plan allows for Roth contributions.
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