ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match

ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match

INSURANCE SERVICES OFFICE, INC. provides the following retirement savings benefits to its employees:

ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN is $253,481.00

ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN is $5,537.00. 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.
354,431.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,537.00 in ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP 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 ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP 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’.

ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Total Employer Contribution and Match Rate

In 2023, ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN allocates $31,435,553.00 to match its employees' contributions, providing an employer match rate of 66.95% of their contributions

ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN is approximately $3,657.00
Investing in this additonal $3,657.00 for 20 years would give you extra $234,102.00, assuming a 10% annual return.

ISO 401(K) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to $20,500 to the traditional pre-tax 401(k) and Roth 401(k) on a combined basis. Eligible participants age 50 and older may contribute an additional $6,500 for 2022. After-tax contributions are limited to ten percent of a participant’s compensation.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the first six percent of the participant's contribution.

3. Vesting Schedule/Eligibility: Participants become fully vested in the value of their ESOP account and discretionary profit-sharing contributions after completing three years of service. Participants in the 401(k) account are 100 percent vested in their voluntary contributions and matching contributions made by the Company.

4. Allows Roth 401(k) contribution: Yes.

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