RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match
RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match
RESOURCE MANAGEMENT SYSTEMS, I provides the following retirement savings benefits to its employees:
RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
20,629.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 322.00 in RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS 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 RESOURCE MANAGEMENT SYSTEMS, INC. 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’.
RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $91.00 for 20 years would give you extra $5,884.00, assuming a 10% annual return.
RESOURCE MANAGEMENT SYSTEMS, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their pre-tax compensation, subject to IRS limitations.
2. Employer Match/Contribution Conditions: Participating Employers may make safe-harbor matching, discretionary matching, and/or profit-sharing contributions as defined by the terms of their respective adoption agreements.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their individual voluntary contributions and any safe-harbor contributions. Vesting in the remainder of their accounts is based on years of continuous service, as defined by the Participating Employer's elections. Participants become fully vested upon reaching age 65, death, or becoming disabled.
4. Roth 401(k) Contribution: Roth 401(k) deferrals are allowed under the Plan, if elected by Adopting Employers.
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