MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Contribution & Employer Match

MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Contribution & Employer Match

MAK TECHNOLOGIES, INC. provides the following retirement savings benefits to its employees:

MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MAK TECHNOLOGIES 401(K) RETIREMENT PLAN is $197,254.00

MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MAK TECHNOLOGIES 401(K) RETIREMENT PLAN is $5,559.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
355,783.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,559.00 in MAK TECHNOLOGIES 401(K) RETIREMENT PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 MAK TECHNOLOGIES 401(K) 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’.

MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, MAK TECHNOLOGIES 401(K) RETIREMENT PLAN allocates $279,044.00 to match its employees' contributions, providing an employer match rate of 38.76% of their contributions

MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MAK TECHNOLOGIES 401(K) RETIREMENT PLAN is approximately $2,344.00
Investing in this additonal $2,344.00 for 20 years would give you extra $150,074.00, assuming a 10% annual return.

MAK TECHNOLOGIES 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1% to the maximum amount allowed by law of their eligible annual pre-tax compensation, limited to $20,500 in 2022.

2. Employer Match/Contribution Conditions: The employer matches 30% of every dollar contributed by the employee.

3. Vesting Schedule/Eligibility: Employer contributions vest ratably over 6 years, beginning with the second year of service. Participants become fully vested upon death, disability, reaching age 65, or reaching age 60 with at least five years of service.

4. Roth 401(k) Contribution: The plan allows for participants to defer funds into a post-tax Roth 401(k).

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