LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Contribution & Employer Match
LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Contribution & Employer Match
LOS ALTOS FOOD PRODUCTS, LLC provides the following retirement savings benefits to its employees:
LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Average Participant Retirement Account Value
LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Estimated Average Employee Contribution Amount
447,718.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,995.00 in LOS ALTOS FOOD PRODUCTS, LLC 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 LOS ALTOS FOOD PRODUCTS, LLC 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’.
LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Total Employer Contribution and Match Rate
LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $266.00 for 20 years would give you extra $17,053.00, assuming a 10% annual return.
LOS ALTOS FOOD PRODUCTS, LLC 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a certain percentage of their pretax annual compensation as defined in the Plan.
2. Employer Match/Contribution Conditions: The Employer matches 100% of each eligible participant’s salary deferrals up to a maximum salary deferral of $2,000 in 2021 and $2,500 in 2020.
3. Vesting Schedule/Eligibility: Employees are eligible to participate after completing 1 year and 1,000 hours of service. The vesting schedule for Employer contributions is 20% after the second year of service, increasing annually by 20% until reaching 100% after the sixth year of credited service.
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