SILICON LABORATORIES INC. 401(K) PLAN Contribution & Employer Match

SILICON LABORATORIES INC. 401(K) PLAN Contribution & Employer Match

SILICON LABORATORIES INC. provides the following retirement savings benefits to its employees:

SILICON LABORATORIES INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SILICON LABORATORIES INC. 401(K) PLAN is $185,078.00

SILICON LABORATORIES INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SILICON LABORATORIES INC. 401(K) PLAN is $10,283.00. 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.
658,156.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,283.00 in SILICON LABORATORIES 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 SILICON LABORATORIES 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’.

SILICON LABORATORIES INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SILICON LABORATORIES INC. 401(K) PLAN allocates $3,270,569.00 to match its employees' contributions, providing an employer match rate of 24.90% of their contributions

SILICON LABORATORIES INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SILICON LABORATORIES INC. 401(K) PLAN is approximately $2,557.00
Investing in this additonal $2,557.00 for 20 years would give you extra $163,656.00, assuming a 10% annual return.

SILICON LABORATORIES INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants are allowed to make elective pre-tax, after-tax, or Roth contributions to the Plan up to their annual compensation, as defined, subject to limitation under the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions up to a maximum of $5,000 per eligible participant based on their contributions to the Plan, calculated and funded each quarter.

3. Vesting Schedule/Eligibility: Discretionary matching contributions are subject to the following vesting schedule:

4. - Less than 1 year: 0%

5. - 1 year: 50%

6. - 2 years or more: 100%

7. Discretionary non-elective contributions are subject to a vesting schedule based on years of service:

8. - Less than 1 year: 0%

9. - 1 year: 25%

10. - 2 years: 50%

11. - 3 years: 75%

12. - 4 years or more: 100%

13. Employees are eligible to participate in the Plan upon date of hire if the participant is at least 21 years of age.

14. Roth 401(k) Contribution: Yes, the Plan allows Roth contributions.

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