SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Contribution & Employer Match
SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Contribution & Employer Match
SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN provides the following retirement savings benefits to its employees:
SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
280,674.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,385.00 in SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN, 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 SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS 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 UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $5,592.00 for 20 years would give you extra $357,943.00, assuming a 10% annual return.
SOUTHERN UTE INDIAN TRIBE RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Each year, participants may contribute between 1% and 75% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The Participating Entities make a safe harbor matching contribution of up to 100% of the first 4% of the participant’s eligible compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the safe harbor matching contributions. They become vested in the discretionary contributions after three years of total service. Full vesting also occurs upon death, disability, or retirement at age 55 with three years of service.
4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions utilizing after-tax contributions.
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