LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Contribution & Employer Match

LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Contribution & Employer Match

LAKESIDE INDUSTRIES INC. provides the following retirement savings benefits to its employees:

LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN is $384,631.00

LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN is $7,859.00. 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.
503,026.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,859.00 in LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS 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 LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS 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’.

LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN allocates $2,825,712.00 to match its employees' contributions, providing an employer match rate of 162.68% of their contributions

LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN is approximately $12,179.00
Investing in this additonal $12,179.00 for 20 years would give you extra $779,506.00, assuming a 10% annual return.

LAKESIDE INDUSTRIES INC. EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 100 percent of their annual compensation, subject to maximum tax deferred limitations established by the Internal Revenue Code (IRS). Participants are auto-enrolled at a 5 percent contribution rate.

2. Employer Match/Contribution Conditions: The employer matches contributions equal to 100 percent of participant contributions on the first 3 percent of compensation deferred and 50 percent on the next 2 percent of the participant's contributions. Additionally, discretionary profit-sharing contributions are made to the Plan as approved by the Company.

3. Vesting Schedule/Eligibility: All contributions are fully vested at all times. The vesting schedule for the Company's discretionary profit-sharing contributions is as follows:

4. - Less than 2 years: 0%

5. - 2 years: 20%

6. - 3 years: 40%

7. - 4 years: 60%

8. - 5 years: 80%

9. - 6 years: 100%

10. Eligibility for discretionary contributions requires completion of 12 months of service and 1,000 hours of service during the year.

11. Roth 401(k) Contribution: Participants are eligible for Roth 401(k) contributions, which are on an after-tax basis.

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