ORRSTOWN BANK 401(K) PLAN Contribution & Employer Match
ORRSTOWN BANK 401(K) PLAN Contribution & Employer Match
ORRSTOWN BANK provides the following retirement savings benefits to its employees:
ORRSTOWN BANK 401(K) PLAN Average Participant Retirement Account Value
ORRSTOWN BANK 401(K) PLAN Estimated Average Employee Contribution Amount
281,096.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,392.00 in ORRSTOWN BANK 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 ORRSTOWN BANK 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’.
ORRSTOWN BANK 401(K) PLAN Total Employer Contribution and Match Rate
ORRSTOWN BANK 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,526.00 for 20 years would give you extra $97,681.00, assuming a 10% annual return.
ORRSTOWN BANK 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 50% of the first 6% of the participant's contributions, with a maximum match equaling 3% of the participant's eligible compensation contributed to the Plan.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. The employer's profit sharing contributions vest 100% after three years of credited service. Eligibility for employer matching and discretionary profit sharing contributions requires 12 consecutive months of service.
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