SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Contribution & Employer Match

SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Contribution & Employer Match

SCOTT ELECTRIC CO. provides the following retirement savings benefits to its employees:

SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN is $39,928.00

SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN is $2,093.00. 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.
133,967.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,093.00 in SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING 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 SCOTT ELECTRIC CO. 401(K) & 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’.

SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN allocates $128,418.00 to match its employees' contributions, providing an employer match rate of 37.41% of their contributions

SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN is approximately $792.00
Investing in this additonal $792.00 for 20 years would give you extra $50,733.00, assuming a 10% annual return.

SCOTT ELECTRIC CO. 401(K) & PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100 percent of total compensation and bonuses as either pre-tax or Roth 401(k) deferrals up to the IRS maximum limits.

2. Employer Match/Contribution Conditions: The employer makes a matching contribution equal to 50% of the participant’s deferrals up to 6% of the participant’s total compensation on a payroll basis.

3. Vesting Schedule/Eligibility: Participants are 100 percent vested in the employer's matching contributions after three years of credited service. They become 100 percent vested in the profit sharing contributions after five years of credited service. Eligibility requires participants to be at least 21 years old, have completed one year and 1,000 hours of service, and be actively employed on the last day of the Plan Year.

4. It allows Roth 401(k) contribution.

Recent Articles

Free newsletters

High quality resources for 401k, 403b, 529 retirement plans on investment, contribution, fees, retirement planning and much more ...

Puzzled on what to invest?

  • We ask a few questions to decide your personal return and risk expectations
  • We build a custom portfolio for your plan (401(k), 403(b), 529 ...) or for a  brokerage account
  • We monitor and send timely rebalance emails on what investment funds to buy and sell

Get Started

Looking for ideas to generate income?

  • ETF or mutual fund income portfolios for 4-7% annual income
  • Dividend stock funds
  • Passive real estate investments
  • more ...

Click for tips and plans for income

Portfolio Calculator (Simulator)

Quickly enter fund allocation and get a back test result on the performance of this 'lazy' portfolio.

Customize Asset Allocation Portfolios

Build a custom model portfolio using our asset strategic or tactical strategies, tailored to a 401(k) plan or for a brokerage account.

Retirement Calculator

See how much you can save for retirement.

Investment Calculator

Grow your wealth and see the power of compounding.


Looking for a (forgotten) 401(k)?

Find plan contact info, plan expenses, investment options, rollover your old plan, or learn how to select investments on your 401k plan ...