SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Contribution & Employer Match
SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Contribution & Employer Match
SEW-EURODRIVE, INC. provides the following retirement savings benefits to its employees:
SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Average Participant Retirement Account Value
SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
286,502.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,476.00 in SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT 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 SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT 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’.
SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $8,642.00 for 20 years would give you extra $553,145.00, assuming a 10% annual return.
SEW-EURODRIVE, INC. PROFIT SHARING/401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 25% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: 200% of the first 3% of compensation on a per pay period basis, plus discretionary profit sharing contributions.
3. Vesting Schedule/Eligibility: Immediately vested in voluntary contributions and the employer safe harbor match; fully vested in employer profit sharing contributions after three consecutive years of service with at least 1,000 hours of service each year.
4. Allows Roth 401(k) contribution: Yes.
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