SI HOLDING COMPANY 401(K) PLAN Contribution & Employer Match
SI HOLDING COMPANY 401(K) PLAN Contribution & Employer Match
SI HOLDING COMPANY provides the following retirement savings benefits to its employees:
SI HOLDING COMPANY 401(K) PLAN Average Participant Retirement Account Value
SI HOLDING COMPANY 401(K) PLAN Estimated Average Employee Contribution Amount
439,565.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,868.00 in SI HOLDING COMPANY 401(K) 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 SI HOLDING COMPANY 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’.
SI HOLDING COMPANY 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may voluntarily contribute up to 100% of their eligible compensation.
2. Employer Match/Contribution Conditions: The Plan Sponsor may contribute to the Plan an amount determined at its discretion; however, no qualified non-elective contributions were made for the years ended December 31, 2021, and 2020.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their salary deferral contributions, rollover contributions, and employer qualified non-elective contributions. Employees are eligible to enter the Plan upon hiring if they are twenty (20) years of age or older.
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