K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Contribution & Employer Match

K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Contribution & Employer Match

K. NEAL INTERNATIONAL TRUCKS, INC. provides the following retirement savings benefits to its employees:

K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN is $32,131.00

K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN is $1,915.00. 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.
122,585.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,915.00 in K. NEAL INTERNATIONAL TRUCKS, 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 K. NEAL INTERNATIONAL TRUCKS, 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’.

K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN allocates $35,388.00 to match its employees' contributions, providing an employer match rate of 15.40% of their contributions

K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN is approximately $290.00
Investing in this additonal $290.00 for 20 years would give you extra $18,564.00, assuming a 10% annual return.

K. NEAL INTERNATIONAL TRUCKS, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may make pretax or Roth contributions of annual compensation into the Plan.

2. Employer Match/Contribution Conditions: The Company matched 50% of contributions up to the first 4% of salary for a maximum match of 2% of salary.

3. Vesting Schedule/Eligibility: Vesting in the Company's discretionary contribution portion is 10% after one year, 20% after two years, and then 20% per year of credited service thereafter. A participant is 100% vested in the employer contribution after six years of credited service or upon attaining normal retirement age, or in the event of death or disability.

4. Roth 401(k) Contribution: Yes, the Plan allows Roth contributions.

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