INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Contribution & Employer Match

INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Contribution & Employer Match

INTERNATIONAL SPECIALTY PRODUCTS, INC. provides the following retirement savings benefits to its employees:

INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN is $245,163.00

INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN is $10,649.00. 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.
681,579.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,649.00 in INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) 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 INTERNATIONAL SPECIALTY PRODUCTS 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’.

INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN allocates $2,313,217.00 to match its employees' contributions, providing an employer match rate of 45.63% of their contributions

INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN is approximately $4,921.00
Investing in this additonal $4,921.00 for 20 years would give you extra $314,991.00, assuming a 10% annual return.

INTERNATIONAL SPECIALTY PRODUCTS INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to defer up to 30% of their annual compensation.

2. Employer Match/Contribution Conditions: ISP makes matching contributions equal to 66 2/3% of the sum of each participant’s voluntary contribution, but not in excess of 4% of the participant’s compensation. Additionally, the employer contributes a non-matching contribution equal to 3-5% of each participant’s compensation plus an additional annual contribution ranging from $50 to $2,000 based on age.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and actual earnings. All participants are vested in the employer’s contribution at the earlier of completing six consecutive months of service or reaching age 65.

4. Roth 401(k) contribution: Allowed.

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