HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

HARRIS ASSOCIATES L.P. provides the following retirement savings benefits to its employees:

HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN is $621,007.00

HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN is $11,452.00. 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.
732,934.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,452.00 in HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN, 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 HARRIS ASSOCIATES L.P. PROFIT SHARING AND 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’.

HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN allocates $6,189,156.00 to match its employees' contributions, providing an employer match rate of 170.22% of their contributions

HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN is approximately $18,812.00
Investing in this additonal $18,812.00 for 20 years would give you extra $1,203,969.00, assuming a 10% annual return.

HARRIS ASSOCIATES L.P. PROFIT SHARING AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 50 percent of their annual compensation.

2. Employer Match/Contribution Conditions: Harris makes a discretionary profit sharing contribution equal to 12 percent of the participant’s annual compensation and non-elective safe harbor contributions equal to three percent of the participant’s annual compensation.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their Rollover, After-Tax, 401(k), and Safe Harbor Accounts. For the Profit Sharing Account, participants will be 100% vested after three years of service, upon reaching age 65, becoming disabled, or death. Eligibility for vesting service requires completing 1,000 or more hours of service per year.

4. Roth 401(k) contribution is allowed.

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