LANSING BUILDING PRODUCTS, LLC 401K PLAN Contribution & Employer Match

LANSING BUILDING PRODUCTS, LLC 401K PLAN Contribution & Employer Match

LANSING BUILDING PRODUCTS, LLC provides the following retirement savings benefits to its employees:

LANSING BUILDING PRODUCTS, LLC 401K PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LANSING BUILDING PRODUCTS, LLC 401K PLAN is $52,803.00

LANSING BUILDING PRODUCTS, LLC 401K PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LANSING BUILDING PRODUCTS, LLC 401K PLAN is $4,453.00. 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.
285,040.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,453.00 in LANSING BUILDING PRODUCTS, LLC 401K 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 LANSING BUILDING PRODUCTS, LLC 401K 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’.

LANSING BUILDING PRODUCTS, LLC 401K PLAN Total Employer Contribution and Match Rate

In 2023, LANSING BUILDING PRODUCTS, LLC 401K PLAN allocates $3,600,005.00 to match its employees' contributions, providing an employer match rate of 43.94% of their contributions

LANSING BUILDING PRODUCTS, LLC 401K PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LANSING BUILDING PRODUCTS, LLC 401K PLAN is approximately $1,775.00
Investing in this additonal $1,775.00 for 20 years would give you extra $113,609.00, assuming a 10% annual return.

LANSING BUILDING PRODUCTS, LLC 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 60% of their eligible compensation pre-tax or after-tax contributions, subject to 2022 annual limits of $20,500, and an additional $6,500 for catch-up contributions for participants who are age 50 or older.

2. Employer Match/Contribution Conditions: The Company made a 50% match on all regular participant contributions up to 15% of base pay, plus a 50% match on any catch-up contributions.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and actual earnings. They are vested in the employer's contributions based on years of continuous service, with 100% vesting after three years of service.

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

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