LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Contribution & Employer Match
LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Contribution & Employer Match
LOWER EASTSIDE SERVICE CENTER INC provides the following retirement savings benefits to its employees:
LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Average Participant Retirement Account Value
LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Estimated Average Employee Contribution Amount
79,587.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,243.00 in LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY 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 LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY 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’.
LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Total Employer Contribution and Match Rate
LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $405.00 for 20 years would give you extra $25,983.00, assuming a 10% annual return.
LOWER EASTSIDE SERVICE CENTER INC FIXED ANNUITY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of eligible compensation, subject to IRS limitations ($20,500 for 2022, plus an additional $6,500 for those aged 50 and over).
2. Employer Match/Contribution Conditions: The employer may make discretionary contributions of 100% of the allocated percentage of eligible compensation based on years of service: 5.0% for 1 to 3 years, 7.5% for 4 to 5 years, and 10.0% for 6 years or more.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus earnings. For employer contributions, the vesting schedule is a six-year graded vesting for employees hired on or after December 1, 2007, and a three-to-seven year graded vesting for employees hired between January 31, 1991, and November 30, 2007. Participation in employer contributions requires completion of 1,000 hours of service in a consecutive 12-month period, beginning on the date of hire.
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