LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Contribution & Employer Match
LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Contribution & Employer Match
LOS ANGELES POLICE FEDERAL CREDIT UNION provides the following retirement savings benefits to its employees:
LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Average Participant Retirement Account Value
LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Estimated Average Employee Contribution Amount
359,572.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,618.00 in LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT 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 ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT 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 ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Total Employer Contribution and Match Rate
LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $14,015.00 for 20 years would give you extra $897,010.00, assuming a 10% annual return.
LOS ANGELES POLICE FEDERAL CREDIT UNION EMPLOYEE RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of 100% of their compensation.
2. Vesting Schedule/Eligibility: Participants are 100% vested after six years of credited service, at a rate of 20% per year after two years of continuous service. Eligibility for employee deferrals requires employees to be at least 18 years old and to have completed one month of service; eligibility for employer contributions requires one year of service.
3. Roth 401(k) Contributions: The plan allows for Roth 401(k) contributions.
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