R.D.M. ELECTRIC CO., INC. PROFIT SHARING PLAN Contribution & Employer Match
R.D.M. ELECTRIC CO., INC. PROFIT SHARING PLAN Contribution & Employer Match
R.D.M. ELECTRIC CO., INC. provides the following retirement savings benefits to its employees:
R.D.M. ELECTRIC CO., INC. PROFIT SHARING PLAN Average Participant Retirement Account Value
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 R.D.M. ELECTRIC CO., INC. 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’.
R.D.M. ELECTRIC CO., INC. PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $12,171.00 for 20 years would give you extra $778,975.00, assuming a 10% annual return.
R.D.M. ELECTRIC CO., INC. PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their salary or the annual dollar limit of $61,000, whichever is less.
2. Employer Match/Contribution Conditions: The conditions for employer contributions include a discretionary profit-sharing contribution based on company performance, but specific matching percentages or maximum amounts are not defined.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is based on years of service: 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years. Participants are immediately vested in their Prevailing Wage Contributions. Eligibility requires employees to be at least twenty-one years old.
4. Roth 401(k) contribution: Not stated.
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