JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Contribution & Employer Match

JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Contribution & Employer Match

JHL ENTERPRISES, INC. provides the following retirement savings benefits to its employees:

JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Average Participant Retirement Account Value

In 2022, the average participant retirement account value for JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST is $54,235.00

JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST is $6,654.00. 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.
425,868.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,654.00 in JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST, 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 JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST

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’.

JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Total Employer Contribution and Match Rate

In 2022, JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST allocates $760,766.00 to match its employees' contributions, providing an employer match rate of 59.08% of their contributions

JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST is approximately $3,538.00
Investing in this additonal $3,538.00 for 20 years would give you extra $226,460.00, assuming a 10% annual return.

JHL ENTERPRISES, INC. PROFIT SHARING PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 100 percent of annual eligible compensation, subject to maximum tax-deferred limitations established by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer makes safe harbor matching contributions of 100 percent of the first 4 percent of compensation deferred, not to exceed 4 percent of the employee's annual eligible compensation. Additional discretionary contributions, if made, are limited to 6 percent of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are fully vested at all times for their contributions and the employer's safe harbor matching contributions. The discretionary contributions vest according to the following schedule: 0% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Eligibility requires completion of three months of service and being age 18 or older.

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