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INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Contribution & Employer Match

INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Contribution & Employer Match

AVISTA CORPORATION provides the following retirement savings benefits to its employees:

INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Average Participant Retirement Account Value

In 2023, the average participant retirement account value for INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA is $288,751.00

INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA is $9,431.00. 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.
603,638.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,431.00 in INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA, 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 INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA

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’.

INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Total Employer Contribution and Match Rate

In 2023, INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA allocates $14,769,344.00 to match its employees' contributions, providing an employer match rate of 61.86% of their contributions

INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA is approximately $5,676.00
Investing in this additonal $5,676.00 for 20 years would give you extra $363,273.00, assuming a 10% annual return.

INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN OF AVISTA Contribution & Match Policy

1. **Employee Contribution Rates**: Participants may contribute at least 1% of their earnings, subject to IRS limits ($20,500 in 2022 and $19,500 in 2021).

2. **Employer Match/Contribution Conditions**:

3. - Employees hired prior to April 1, 2022: 75% match on contributions that do not exceed 6% of salary.

4. - Employees hired on or after April 1, 2022: 100% match on contributions that do not exceed 6% of salary.

5. - Additional non-elective contributions based on age for certain employees.

6. **Vesting Schedule/Eligibility**:

7. - Employee contributions: 100% vested at all times.

8. - Company matching contributions: 100% vested after one year of service or upon death, disability, or reaching normal retirement age.

9. - Non-elective employer contributions: 100% vested after three years of service or upon death, disability, or reaching normal retirement age.

10. **Roth 401(k) Contribution**: Yes, employees may contribute as Roth 401(k) after-tax compensation.

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