MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Contribution & Employer Match

MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Contribution & Employer Match

MID-COAST ELECTRIC SUPPLY, INC. provides the following retirement savings benefits to its employees:

MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN is $37,888.00

MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN is $2,418.00. 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.
154,815.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,418.00 in MID-COAST ELECTRIC SUPPLY, INC. 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 MID-COAST ELECTRIC SUPPLY, INC. 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’.

MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN allocates $3,044.00 to match its employees' contributions, providing an employer match rate of 0.84% of their contributions

MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN is approximately $20.00
Investing in this additonal $20.00 for 20 years would give you extra $1,281.00, assuming a 10% annual return.

MID-COAST ELECTRIC SUPPLY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their salary to the plan, as long as it does not exceed the limits established by the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The employer provides a safe harbor matching contribution, and any discretionary employer profit-sharing contributions require approval by the Board of Directors and must comply with IRC limitations.

3. Vesting Schedule/Eligibility: The employer contributions follow a vesting schedule: 0% after less than one year, 20% after two years, 40% after three years, 60% after four years, 80% after five years, and 100% after six years of service. Employees are eligible to make salary deferrals after three months of service.

4. Allows Roth 401(k) contribution: Yes.

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