REVINATE RETIREMENT TRUST Contribution & Employer Match
REVINATE RETIREMENT TRUST Contribution & Employer Match
REVINATE provides the following retirement savings benefits to its employees:
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 REVINATE RETIREMENT TRUST
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’.
REVINATE RETIREMENT TRUST Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100 percent of eligible salary within the IRS limits.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions, but no contributions were made during the specified periods.
3. Vesting Schedule/Eligibility: Participants become 100 percent vested in the Company's matching contributions and profit-sharing portion after four years of service. Eligibility requires at least three months of continuous service and being age 18 or older.
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