SOUTH SHORE BANK 401(K) PLAN Contribution & Employer Match

SOUTH SHORE BANK 401(K) PLAN Contribution & Employer Match

SOUTH SHORE BANK provides the following retirement savings benefits to its employees:

SOUTH SHORE BANK 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SOUTH SHORE BANK 401(K) PLAN is $111,807.00

SOUTH SHORE BANK 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SOUTH SHORE BANK 401(K) PLAN is $5,315.00. 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.
340,216.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,315.00 in SOUTH SHORE BANK 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 SOUTH SHORE BANK 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’.

SOUTH SHORE BANK 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SOUTH SHORE BANK 401(K) PLAN allocates $1,275,895.00 to match its employees' contributions, providing an employer match rate of 79.74% of their contributions

SOUTH SHORE BANK 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SOUTH SHORE BANK 401(K) PLAN is approximately $3,950.00
Investing in this additonal $3,950.00 for 20 years would give you extra $252,808.00, assuming a 10% annual return.

SOUTH SHORE BANK 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 75% of gross compensation on a pre-tax basis, not to exceed the IRS annual limit.

2. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Bank’s safe harbor contributions. Employer matching contributions vest according to the following schedules:

3. - Participants hired prior to January 1, 2018: 33% vested after one year, 67% after two years, and 100% after three years.

4. - Participants hired after January 1, 2018: 0% vested after one year, 20% after two years, 40% after three years, 60% after four years, 80% after five years, and 100% after six years. If terminated due to death, disability, or retirement, the participant’s employer contribution account becomes 100% vested.

5. Eligibility requires employees to be at least 18 years old and have completed at least three months of service.

6. Roth 401(k) Contribution: The Plan allows for Roth deferrals, subject to the same deferral limits as pre-tax contributions.

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