LEAR CORPORATION SALARIED RETIREMENT PROGRAM Contribution & Employer Match

LEAR CORPORATION SALARIED RETIREMENT PROGRAM Contribution & Employer Match

LEAR CORPORATION provides the following retirement savings benefits to its employees:

LEAR CORPORATION SALARIED RETIREMENT PROGRAM Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LEAR CORPORATION SALARIED RETIREMENT PROGRAM is $240,218.00

LEAR CORPORATION SALARIED RETIREMENT PROGRAM Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LEAR CORPORATION SALARIED RETIREMENT PROGRAM is $7,434.00. 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.
475,815.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,434.00 in LEAR CORPORATION SALARIED RETIREMENT PROGRAM, 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 LEAR CORPORATION SALARIED RETIREMENT PROGRAM

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’.

LEAR CORPORATION SALARIED RETIREMENT PROGRAM Total Employer Contribution and Match Rate

In 2023, LEAR CORPORATION SALARIED RETIREMENT PROGRAM allocates $36,243,632.00 to match its employees' contributions, providing an employer match rate of 108.16% of their contributions

LEAR CORPORATION SALARIED RETIREMENT PROGRAM Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LEAR CORPORATION SALARIED RETIREMENT PROGRAM is approximately $7,965.00
Investing in this additonal $7,965.00 for 20 years would give you extra $509,800.00, assuming a 10% annual return.

LEAR CORPORATION SALARIED RETIREMENT PROGRAM Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 75% of eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of compensation contributed, plus 50% of the next 3% contributed, subject to certain limitations. Catch-up contributions are not matched.

3. Vesting Schedule/Eligibility: Participants vest at a rate of 20% per year in Company contributions and are 100% vested after five years of service or upon termination due to disability, death, or attainment of age 65 prior to termination.

4. Roth 401(k) contribution is allowed.

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