RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Employer Match

RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Employer Match

RESTAURANT SERVICES INC provides the following retirement savings benefits to its employees:

RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN is $349,296.00

RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN is $9,335.00. 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.
597,499.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,335.00 in RESTAURANT SERVICES, INC. 401(K) EMPLOYEE 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 RESTAURANT SERVICES, INC. 401(K) EMPLOYEE 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’.

RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN allocates $804,951.00 to match its employees' contributions, providing an employer match rate of 73.38% of their contributions

RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN is approximately $6,544.00
Investing in this additonal $6,544.00 for 20 years would give you extra $418,836.00, assuming a 10% annual return.

RESTAURANT SERVICES, INC. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to $20,500 to the plan, and if over 50 years of age, they may contribute an additional $6,500 in 2022.

2. Employer Match/Contribution Conditions: The employer matches 100% of the participant’s elective deferrals up to a maximum of 5% of the participant’s compensation per pay period. An additional 2% match may be awarded at the employer's discretion upon the achievement of certain specified company objectives.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective deferrals. Vesting in the employer’s discretionary matching contribution is based on years of credited continuous service: 33.3% after 1 year, 66.7% after 2 years, and 100% after 3 years or more. Eligibility requires completion of at least three months of service and being at least twenty-one years of age.

4. Roth 401(k) Contribution: The plan allows participants to designate all or any portion of their future elective deferral contributions as Roth elective deferral contributions.

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