OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match

OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match

OUTRIGGER HOTELS HAWAII provides the following retirement savings benefits to its employees:

OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN is $64,647.00

OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN is $3,090.00. 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.
197,823.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,090.00 in OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS 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 OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT 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’.

OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN allocates $2,059,356.00 to match its employees' contributions, providing an employer match rate of 29.75% of their contributions

OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN is approximately $900.00
Investing in this additonal $900.00 for 20 years would give you extra $57,629.00, assuming a 10% annual return.

OUTRIGGER HOTELS HAWAII PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 100% of eligible compensation or the maximum allowed by law.

2. Employer Match/Contribution Conditions: The employer matches contributions of $0.50 per $1.00 of participant contributions up to the first 2% of compensation, with a maximum matching contribution of $500 per participant per year.

3. Vesting Schedule/Eligibility: Employer contributions vest 20% annually with full vesting after five years of service. Eligibility requires employees to complete one hour of service for matching contributions and one year of service to participate in annual fixed contributions and profit sharing.

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