MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Contribution & Employer Match

MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Contribution & Employer Match

MCKIE FORD LINCOLN, INC & AFFILIATES provides the following retirement savings benefits to its employees:

MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN is $64,006.00

MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN is $4,136.00. 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.
264,752.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,136.00 in MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) 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 MCKIE FORD LINCOLN, INC & AFFILIATES 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’.

MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN allocates $77,374.00 to match its employees' contributions, providing an employer match rate of 11.13% of their contributions

MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN is approximately $471.00
Investing in this additonal $471.00 for 20 years would give you extra $30,194.00, assuming a 10% annual return.

MCKIE FORD LINCOLN, INC & AFFILIATES 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100 percent of their compensation, not to exceed certain limits established by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: Matching contributions are 100 percent of the first 3 percent of compensation deferred to a maximum of $800 annually.

3. Vesting Schedule/Eligibility: The portion of the participants’ accounts attributable to the Company’s matching contributions becomes 20 percent vested after two years of credited service, continuing to vest at a rate of 20 percent for each subsequent year of service until 100 percent vested after six years of service. Eligibility for matching contributions requires completion of eleven months of service.

4. Roth 401(k) Contribution: The Plan allows Roth elective deferrals.

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