STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

STEINER ELECTRIC COMPANY provides the following retirement savings benefits to its employees:

STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST is $115,866.00

STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST is $4,152.00. 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.
265,728.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,152.00 in STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST, 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 STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST

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’.

STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST allocates $356,794.00 to match its employees' contributions, providing an employer match rate of 20.61% of their contributions

STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST is approximately $907.00
Investing in this additonal $907.00 for 20 years would give you extra $58,103.00, assuming a 10% annual return.

STEINER ELECTRIC COMPANY PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 60% of their pretax compensation to the plan.

2. Employer Match/Contribution Conditions: The Company contributes 50% of up to 4% of the Participant’s contribution to the Plan. For commission-based sales employees, the Company contributes a maximum of $500.

3. Vesting Schedule/Eligibility: Participants are 100% vested after three years of service for employer match contributions. Employer profit sharing contributions vest as follows: 2 years – 25%, 3 years – 50%, 4 years – 75%, 5 years – 100%. Eligibility requires earning at least 1,000 hours of credited service and being employed on the last day of the plan year.

4. Roth 401(k) Contribution: Roth contributions are permitted under the provisions of the Plan.

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