SQUARE 401(K) PLAN Contribution & Employer Match
SQUARE 401(K) PLAN Contribution & Employer Match
SQUARE, INC. provides the following retirement savings benefits to its employees:
SQUARE 401(K) PLAN Average Participant Retirement Account Value
SQUARE 401(K) PLAN Estimated Average Employee Contribution Amount
923,281.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 14,426.00 in SQUARE 401(K) 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 SQUARE 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’.
SQUARE 401(K) PLAN Total Employer Contribution and Match Rate
SQUARE 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $4,537.00 for 20 years would give you extra $290,374.00, assuming a 10% annual return.
SQUARE 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: 1% to 75% of pretax annual compensation; participants under age 50 may contribute up to 65% of annual compensation; participants age 50 or older may contribute up to 75% of annual compensation.
2. Employer Match/Contribution Conditions: The company matches 100% of employee pre-tax and Roth contributions, up to $2,000, and 50% of employee pre-tax and Roth contributions, up to an additional $3,000 for a maximum of $5,000.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and the employer discretionary matching contributions, plus actual earnings thereon. Eligibility requires participants to be employees of the company and at least 18 years old.
4. Roth 401(k) contribution: Yes.
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