SPRING MEADOW NURSERY, INC. 401(K) PLAN Contribution & Employer Match

SPRING MEADOW NURSERY, INC. 401(K) PLAN Contribution & Employer Match

SPRING MEADOW NURSERY, INC. provides the following retirement savings benefits to its employees:

SPRING MEADOW NURSERY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SPRING MEADOW NURSERY, INC. 401(K) PLAN is $21,475.00

SPRING MEADOW NURSERY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SPRING MEADOW NURSERY, INC. 401(K) PLAN is $3,285.00. 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.
210,254.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,285.00 in SPRING MEADOW NURSERY, INC. 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 SPRING MEADOW NURSERY, INC. 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’.

SPRING MEADOW NURSERY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, SPRING MEADOW NURSERY, INC. 401(K) PLAN allocates $208,933.00 to match its employees' contributions, providing an employer match rate of 43.41% of their contributions

SPRING MEADOW NURSERY, INC. 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SPRING MEADOW NURSERY, INC. 401(K) PLAN is approximately $1,547.00
Investing in this additonal $1,547.00 for 20 years would give you extra $99,049.00, assuming a 10% annual return.

SPRING MEADOW NURSERY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary as specified in the plan document.

2. Employer Match/Contribution Conditions: The employer matches contributions at a specified percentage of the employee's contribution, subject to a maximum amount.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is based on years of service, with full eligibility achieved after a specified period.

4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.

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