SIEMENS SAVINGS PLAN Contribution & Employer Match
SIEMENS SAVINGS PLAN Contribution & Employer Match
SIEMENS CORPORATION provides the following retirement savings benefits to its employees:
SIEMENS SAVINGS PLAN Average Participant Retirement Account Value
SIEMENS SAVINGS PLAN Estimated Average Employee Contribution Amount
600,020.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,375.00 in SIEMENS SAVINGS 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 SIEMENS SAVINGS 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’.
SIEMENS SAVINGS PLAN Total Employer Contribution and Match Rate
SIEMENS SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $4,923.00 for 20 years would give you extra $315,130.00, assuming a 10% annual return.
SIEMENS SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute from 2% to 50% of their eligible pay in 1% increments.
2. Employer Match/Contribution Conditions: The employer matches 100% of each employee's contributions on the first 6% of the employee’s eligible pay contributed to the Plan. Certain participants may have specific contribution rates based on Plan rules or collective bargaining agreements.
3. Vesting Schedule/Eligibility: Employer matching contributions become 40% vested after two years of continuous employment and continue to vest at an annual rate of 20%, reaching 100% vesting after five years. Eligibility to participate in the Plan includes being employed by the Company or an affiliated participating company, with restrictions on certain types of employees.
4. Roth 401(k) Contribution: The Plan allows participants to make contributions on a Roth basis.
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