SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Contribution & Employer Match
SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Contribution & Employer Match
SPIRIT AIRLINES, INC. provides the following retirement savings benefits to its employees:
SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
915,294.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 14,301.00 in SPIRIT AIRLINES, INC. PILOTS' 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 SPIRIT AIRLINES, INC. PILOTS' 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’.
SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $27,268.00 for 20 years would give you extra $1,745,193.00, assuming a 10% annual return.
SPIRIT AIRLINES, INC. PILOTS' RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 60% of annual compensation.
2. Employer Match/Contribution Conditions: Non-elective contributions based on a percentage of each benefiting participant’s compensation: Year 1 – 11%, Year 2 – 12%, Year 3 – 13%, Year 4 – 14%, Year 5 – 15%.
3. Vesting Schedule/Eligibility: Employer contributions are vested as follows: 0% after 1 year of service, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Eligibility requires two months of service and being at least age 21.
4. Roth 401(k) contributions are allowed.
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