HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Contribution & Employer Match
HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Contribution & Employer Match
HAAS AUTOMATION, INC. provides the following retirement savings benefits to its employees:
HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Average Participant Retirement Account Value
HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
411,161.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,424.00 in HAAS AUTOMATION, INC. 401K PROFIT SHARING 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 HAAS AUTOMATION, INC. 401K PROFIT SHARING 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’.
HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Total Employer Contribution and Match Rate
HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $5,000.00 for 20 years would give you extra $320,000.00, assuming a 10% annual return.
HAAS AUTOMATION, INC. 401K PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 80% of annual Compensation, not to exceed $20,500 for calendar year 2022.
2. Employer Match/Contribution Conditions: The Plan Sponsor may make discretionary profit sharing contributions based on Plan Compensation not exceeding the Annual Compensation Limit.
3. Vesting Schedule/Eligibility: Participants are 100% vested after six years of credited service; immediate vesting applies in the event of death, disability, or upon reaching age 65.
4. It allows Roth 401(k) contributions.
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