OTA 401(K)/PROFIT SHARING PLAN Contribution & Employer Match
OTA 401(K)/PROFIT SHARING PLAN Contribution & Employer Match
OTA MANAGEMENT LLC provides the following retirement savings benefits to its employees:
OTA 401(K)/PROFIT SHARING PLAN Average Participant Retirement Account Value
OTA 401(K)/PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
389,748.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,089.00 in OTA 401(K)/PROFIT SHARING 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 OTA 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’.
OTA 401(K)/PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of eligible compensation, with a maximum of $20,500 (plus an additional $6,500 catch-up contribution for employees over 50 years old).
2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions on employee pre-tax and Roth deferrals, but not on catch-up contributions. There were no discretionary matching contributions for the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Employees are immediately vested in their own contributions and earnings. Vesting in employer contributions is based on years of service: 0% for less than 1 year, 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years of service. Employees must be 21 years old and employed by the Plan Sponsor as of December 31 of the Plan year to be eligible for matching contributions.
4. Roth 401(k) Contribution: Yes, the plan allows for Roth contributions.
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