NATIONAL ELECTRICAL BENEFIT FUND DEFINED CONTRIBUTION PLAN Contribution & Employer Match
NATIONAL ELECTRICAL BENEFIT FUND DEFINED CONTRIBUTION PLAN Contribution & Employer Match
NATIONAL ELECTRICAL BENEFIT FUND provides the following retirement savings benefits to its employees:
NATIONAL ELECTRICAL BENEFIT FUND DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value
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 NATIONAL ELECTRICAL BENEFIT FUND DEFINED CONTRIBUTION 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’.
NATIONAL ELECTRICAL BENEFIT FUND DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $11,625.00 for 20 years would give you extra $744,005.00, assuming a 10% annual return.
NATIONAL ELECTRICAL BENEFIT FUND DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employer Match/Contribution Conditions: Employer contributions are made quarterly at a rate of 8% of compensation earned by eligible participants, subject to certain limitations.
2. Vesting Schedule/Eligibility: Participants are 100% vested in their accounts after 3 years of credited service. One year of credited service is defined as any Plan year in which an active employee works at least 1,000 hours. Participants are eligible to participate after completing six months of credited service (500 hours) and reaching a minimum age of 20.5.
3. Roth 401(k) contribution: Not applicable.
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