SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Contribution & Employer Match

SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Contribution & Employer Match

SOUTHERN NEWSPAPERS, INC. provides the following retirement savings benefits to its employees:

SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN is $39,095.00

SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN is $1,552.00. 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.
99,358.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,552.00 in SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 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 SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 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’.

SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN allocates $505,369.00 to match its employees' contributions, providing an employer match rate of 69.63% of their contributions

SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN is approximately $1,057.00
Investing in this additonal $1,057.00 for 20 years would give you extra $67,664.00, assuming a 10% annual return.

SOUTHERN NEWSPAPERS, INC. EMPLOYEES' 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the lesser of 65% of pretax annual compensation or the maximum contribution limits defined by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% and 75% of the next 3% of the annual compensation that a participant contributes to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. For employer contributions, participants are 100% vested in pre-2003 Company matching contributions after four years of credited service, and in Company discretionary contributions after seven years of credited service. The Plan Sponsor made annual "safe harbor" elections since 2003, making employees 100% immediately vested in employer contributions made in those Plan years.

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