OFFUTT COMPANIES 401(K) SAVINGS PLAN Contribution & Employer Match
OFFUTT COMPANIES 401(K) SAVINGS PLAN Contribution & Employer Match
R.D. OFFUTT COMPANY provides the following retirement savings benefits to its employees:
OFFUTT COMPANIES 401(K) SAVINGS PLAN Average Participant Retirement Account Value
OFFUTT COMPANIES 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount
401,605.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,275.00 in OFFUTT COMPANIES 401(K) SAVINGS 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 OFFUTT COMPANIES 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’.
OFFUTT COMPANIES 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate
OFFUTT COMPANIES 401(K) SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $2,759.00 for 20 years would give you extra $176,639.00, assuming a 10% annual return.
OFFUTT COMPANIES 401(K) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company contributes 50% of the first 10% of base compensation that a participant contributes to the Plan.
3. Vesting Schedule/Eligibility: Vesting in the Company’s contribution portion is based on years of continuous service, with 100% vesting after 5 years of service. Eligibility requires employees to be 18 years or older, have 90 days of eligible service, work 1,000 hours, and be employed on the last day of the year.
4. Roth 401(k) Contribution: Yes, the Plan allows participants to designate contributions as Roth contributions.
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