NOVARIA HOLDINGS 401(K) PLAN Contribution & Employer Match

NOVARIA HOLDINGS 401(K) PLAN Contribution & Employer Match

NOVARIA HOLDINGS provides the following retirement savings benefits to its employees:

NOVARIA HOLDINGS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NOVARIA HOLDINGS 401(K) PLAN is $32,437.00

NOVARIA HOLDINGS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NOVARIA HOLDINGS 401(K) PLAN is $3,310.00. 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.
211,885.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,310.00 in NOVARIA HOLDINGS 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 NOVARIA HOLDINGS 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’.

NOVARIA HOLDINGS 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, NOVARIA HOLDINGS 401(K) PLAN allocates $1,880,928.00 to match its employees' contributions, providing an employer match rate of 54.58% of their contributions

NOVARIA HOLDINGS 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NOVARIA HOLDINGS 401(K) PLAN is approximately $1,523.00
Investing in this additonal $1,523.00 for 20 years would give you extra $97,473.00, assuming a 10% annual return.

NOVARIA HOLDINGS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may defer up to 100% of pretax annual compensation, as defined, up to specified limits allowed by law.

2. Employer Match/Contribution Conditions: The plan sponsors make safe harbor matching contributions of 100% up to 4% of any contributing participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and safe harbor matching contributions. They become fully vested in profit sharing contributions and allocated earnings thereon with six years of credited service (20% per year of service starting after the first year). Additionally, a participant becomes 100% vested upon death, disability, or attainment of normal retirement.

4. Roth 401(k) Contribution: Participants may also designate some of their contributions as after-tax contributions to a Roth 401(k) option.

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