NEW WAVE ENTERTAINMENT 401(K) PLAN Contribution & Employer Match
NEW WAVE ENTERTAINMENT 401(K) PLAN Contribution & Employer Match
NW ENTERTAINMENT, INC. provides the following retirement savings benefits to its employees:
NEW WAVE ENTERTAINMENT 401(K) PLAN Average Participant Retirement Account Value
NEW WAVE ENTERTAINMENT 401(K) PLAN Estimated Average Employee Contribution Amount
243,403.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,803.00 in NEW WAVE ENTERTAINMENT 401(K) PLAN, assuming a 10%* annual return.
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 NEW WAVE ENTERTAINMENT 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’.
NEW WAVE ENTERTAINMENT 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may elect to contribute a specific percentage or dollar amount as salary deferral.
2. Employer Match/Contribution Conditions: The Company may contribute a discretionary matching contribution equal to a percentage of each participant’s elective deferrals, determined each year by the Company. No matching contributions were made in 2022.
3. Vesting Schedule/Eligibility: Vesting of the Company matching contributions is based on the participant’s years of service as follows: Less than 2 years - 0%, 2 years - 25%, 3 years - 50%, 4 years - 75%, 5 years - 100%. Eligibility requires three months of service and being at least twenty-one years old.
4. Roth 401(k) contributions are allowed.
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