SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Contribution & Employer Match

SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Contribution & Employer Match

THE SNC-LAVALIN CORPORATION provides the following retirement savings benefits to its employees:

SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM is $98,092.00

SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM is $4,924.00. 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.
315,186.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,924.00 in SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM, 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 SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM

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’.

SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Total Employer Contribution and Match Rate

In 2022, SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM allocates $15,055,259.00 to match its employees' contributions, providing an employer match rate of 42.65% of their contributions

SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM is approximately $2,121.00
Investing in this additonal $2,121.00 for 20 years would give you extra $135,805.00, assuming a 10% annual return.

SNC-LAVALIN US RETIREMENT SAVINGS PROGRAM Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to make pre-tax and/or Roth contributions to the Plan up to the maximum amount permitted under provisions of the Code.

2. Employer Match/Contribution Conditions: The Plan provides for employer safe harbor matching contributions equal to 100% of the first 3% of compensation deferred by participants plus 50% of the next 2% of eligible compensation participants elect to defer.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their accounts attributable to elective contributions, rollovers, and Company safe harbor matching contributions. Participants vest 50% after 2 years of service and 100% after 3 years of service in accounts attributable to employer non-elective contributions.

4. Yes, it allows Roth 401(k) contribution.

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