LIFE TIME AND ITS AFFILIATES 401(K) PLAN Contribution & Employer Match
LIFE TIME AND ITS AFFILIATES 401(K) PLAN Contribution & Employer Match
LIFE TIME, INC. provides the following retirement savings benefits to its employees:
LIFE TIME AND ITS AFFILIATES 401(K) PLAN Average Participant Retirement Account Value
LIFE TIME AND ITS AFFILIATES 401(K) PLAN Estimated Average Employee Contribution Amount
84,024.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,312.00 in LIFE TIME AND ITS AFFILIATES 401(K) PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 LIFE TIME AND ITS AFFILIATES 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’.
LIFE TIME AND ITS AFFILIATES 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may defer compensation subject to the limits established by the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The Company may make a discretionary matching contribution at the option of the Life Time, Inc. Retirement Committee, based on the lesser of 16.66% of a participant’s annual compensation deferral or 1% of a participant’s gross compensation up to $2,900.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their pretax salary deferrals. Vesting in the Company’s discretionary matching contributions is 25% for each of the first four years of service, becoming 100% vested after four years.
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