LUMINAR 401(K) Contribution & Employer Match
LUMINAR 401(K) Contribution & Employer Match
LUMINAR TECHNOLOGIES INC. provides the following retirement savings benefits to its employees:
LUMINAR 401(K) Average Participant Retirement Account Value
LUMINAR 401(K) Estimated Average Employee Contribution Amount
1,072,857.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 16,763.00 in LUMINAR 401(K), 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 LUMINAR 401(K)
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’.
LUMINAR 401(K) Total Employer Contribution and Match Rate
LUMINAR 401(K) Estimated Average Employer Match
Investing in this additonal $5,064.00 for 20 years would give you extra $324,138.00, assuming a 10% annual return.
LUMINAR 401(K) Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 5% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of each participant’s elective deferral contributions, not to exceed 5% of the participant’s compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and Company safe harbor contributions plus actual earnings thereon. Participants are 100% vested in the Company profit sharing contributions after two years of credited service.
4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.
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