SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Contribution & Employer Match

SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Contribution & Employer Match

SASSER FAMILY HOLDINGS, INC. provides the following retirement savings benefits to its employees:

SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SASSER FAMILY HOLDINGS, INC. 401(K) PLAN is $105,170.00

SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SASSER FAMILY HOLDINGS, INC. 401(K) PLAN is $7,354.00. 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.
470,719.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,354.00 in SASSER FAMILY HOLDINGS, INC. 401(K) 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 SASSER FAMILY HOLDINGS, INC. 401(K) 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’.

SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SASSER FAMILY HOLDINGS, INC. 401(K) PLAN allocates $1,878,677.00 to match its employees' contributions, providing an employer match rate of 64.67% of their contributions

SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SASSER FAMILY HOLDINGS, INC. 401(K) PLAN is approximately $4,780.00
Investing in this additonal $4,780.00 for 20 years would give you extra $305,942.00, assuming a 10% annual return.

SASSER FAMILY HOLDINGS, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 60% of their eligible annual compensation, with an automatic contribution of 3% unless elected otherwise. Contributions will automatically increase by 1% annually up to 6%.

2. Employer Match/Contribution Conditions: The employer matches 100% of a participant’s contributions up to 1%, and 50% of contributions in excess of 1% up to 6%. The employer also makes a non-elective contribution equal to 2% of a participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and rollover contributions. For employer contributions, the vesting schedule is as follows: 0% vested for less than 1 year of service, 20% vested after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years. Eligible employees may enter the plan upon hire.

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