SOMNIA, INC. 401(K) PLAN & TRUST Contribution & Employer Match
SOMNIA, INC. 401(K) PLAN & TRUST Contribution & Employer Match
SOMNIA, INC. provides the following retirement savings benefits to its employees:
SOMNIA, INC. 401(K) PLAN & TRUST Average Participant Retirement Account Value
SOMNIA, INC. 401(K) PLAN & TRUST Estimated Average Employee Contribution Amount
614,988.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,609.00 in SOMNIA, INC. 401(K) PLAN & TRUST, 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 SOMNIA, INC. 401(K) PLAN & TRUST
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’.
SOMNIA, INC. 401(K) PLAN & TRUST Total Employer Contribution and Match Rate
SOMNIA, INC. 401(K) PLAN & TRUST Estimated Average Employer Match
Investing in this additonal $1,085.00 for 20 years would give you extra $69,483.00, assuming a 10% annual return.
SOMNIA, INC. 401(K) PLAN & TRUST Contribution & Match Policy
1. Employee Contribution Rates: Eligible employees may contribute a portion of their eligible compensation, with limits specified by the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The employer does not provide matching contributions but may make non-elective profit sharing contributions, which are not limited to the profit of the Company.
3. Vesting Schedule/Eligibility: Employer discretionary contributions vest over a six-year period with 20% vesting after two years of service and an additional 20% vesting at the end of each year thereafter. Eligible employees must be age 21 or older and are immediately eligible upon hire to participate in the Plan.
4. Roth 401(k) Contribution: Yes, contributions may be made on a Roth basis.
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