OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. provides the following retirement savings benefits to its employees:

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN is $52,111.00

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN is $1,986.00. 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.
127,155.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,986.00 in OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING 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 OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING 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’.

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN allocates $225,325.00 to match its employees' contributions, providing an employer match rate of 72.93% of their contributions

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN is approximately $1,621.00
Investing in this additonal $1,621.00 for 20 years would give you extra $103,746.00, assuming a 10% annual return.

OMEGA ELECTRIC CONSTRUCTION COMPANY, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of eligible compensation, limited to a maximum amount as periodically set by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The Company matches 100% of the first 3%, and 50% of the next 2%, of eligible compensation that each participant contributes to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and safe harbor match. For the employer's discretionary profit-sharing and discretionary matching contributions, a participant is 20% vested after two years of credited service, with an additional 20% per year thereafter until fully vested. Upon attainment of age 55 years (and 5 years of service), death, or disability, a participant becomes fully vested. Eligibility requirements include being age 21 or older and having completed six consecutive months of service during which they must have completed 500 hours of service.

4. Roth 401(k) Contribution: Not stated.

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