LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Contribution & Employer Match

LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Contribution & Employer Match

LANE AUTOMOTIVE INC. provides the following retirement savings benefits to its employees:

LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN is $46,522.00

LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN is $2,784.00. 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.
178,203.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,784.00 in LANE AUTOMOTIVE INC. PROFIT SHARING / 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 LANE AUTOMOTIVE INC. PROFIT SHARING / 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’.

LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN allocates $824,949.00 to match its employees' contributions, providing an employer match rate of 66.95% of their contributions

LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN is approximately $1,656.00
Investing in this additonal $1,656.00 for 20 years would give you extra $106,017.00, assuming a 10% annual return.

LANE AUTOMOTIVE INC. PROFIT SHARING / 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum percentage allowable, not to exceed the limits established by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The Company matched 100 percent of employee deferrals up to 5 percent of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are 100 percent vested in the discretionary match contributions made by the Company after two years of service. Vesting in the profit-sharing contribution made by the Company is 20 percent after two years of service, an additional 20 percent after three years of service, and another 20 percent per year thereafter until fully vested after six years of service.

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

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