PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Contribution & Employer Match

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Contribution & Employer Match

BOARD OF DIRECTORS OF PENTEGRA DEFINED CONTRIBUTION PLAN provides the following retirement savings benefits to its employees:

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS is $82,777.00

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS is $2,531.00. 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.
162,011.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,531.00 in PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS, 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 PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS

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’.

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Total Employer Contribution and Match Rate

In 2023, PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS allocates $38,738,041.00 to match its employees' contributions, providing an employer match rate of 54.47% of their contributions

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS is approximately $1,459.00
Investing in this additonal $1,459.00 for 20 years would give you extra $93,383.00, assuming a 10% annual return.

PENTEGRA DEFINED CONTRIBUTION PLAN FOR FINANCIAL INSTITUTIONS Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary as determined by the plan, including options for traditional 401(k) contributions, Roth contributions, and after-tax savings.

2. Employer Match/Contribution Conditions: Employers may make additional contributions at their discretion, including matching contributions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus earnings. The vesting schedule for employer contributions varies by the employer's selection.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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