LINCOLN PARK 401(K) PLAN Contribution & Employer Match
LINCOLN PARK 401(K) PLAN Contribution & Employer Match
LINCOLN PARK PERFORMING ARTS CTR provides the following retirement savings benefits to its employees:
LINCOLN PARK 401(K) PLAN Estimated Average Employee Contribution Amount
49,807.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 778.00 in LINCOLN PARK 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 LINCOLN PARK 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’.
LINCOLN PARK 401(K) PLAN Total Employer Contribution and Match Rate
LINCOLN PARK 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $524.00 for 20 years would give you extra $33,566.00, assuming a 10% annual return.
LINCOLN PARK 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to the limits established by the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The employer matches 100% of the salary deferrals that do not exceed 5% of compensation.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is a graduated schedule beginning at 20% vesting after two years of continuous service, becoming fully vested after six years of service. Eligibility requires employees to be at least age 21 and complete three consecutive months of service.
4. Roth 401(k) Contribution: The plan allows for after-tax Roth 401(k) contributions.
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