MISUMI USA, INC. 401(K) SAVINGS PLAN Contribution & Employer Match

MISUMI USA, INC. 401(K) SAVINGS PLAN Contribution & Employer Match

MISUMI USA, INC. provides the following retirement savings benefits to its employees:

MISUMI USA, INC. 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MISUMI USA, INC. 401(K) SAVINGS PLAN is $60,259.00

MISUMI USA, INC. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MISUMI USA, INC. 401(K) SAVINGS PLAN is $6,159.00. 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.
394,224.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,159.00 in MISUMI USA, INC. 401(K) SAVINGS 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 MISUMI USA, INC. 401(K) SAVINGS 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’.

MISUMI USA, INC. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, MISUMI USA, INC. 401(K) SAVINGS PLAN allocates $747,478.00 to match its employees' contributions, providing an employer match rate of 39.34% of their contributions

MISUMI USA, INC. 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MISUMI USA, INC. 401(K) SAVINGS PLAN is approximately $2,372.00
Investing in this additonal $2,372.00 for 20 years would give you extra $151,868.00, assuming a 10% annual return.

MISUMI USA, INC. 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their annual compensation to the Plan not to exceed the maximum limits per the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Company match contribution is equal to 100% of the first 3% of eligible compensation that a participant contributed to the Plan and 50% of the next 2% of eligible compensation that a participant contributed to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and rollovers. They are 100% vested in the remainder of their accounts after three or more years of credited service.

4. Roth 401(k) Contribution: Participants may elect to designate all or any portion of their future elective deferral contributions as Roth elective deferral contributions.

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