STIMSON LUMBER COMPANY 401(K) PLAN Contribution & Employer Match
STIMSON LUMBER COMPANY 401(K) PLAN Contribution & Employer Match
STIMSON LUMBER COMPANY provides the following retirement savings benefits to its employees:
STIMSON LUMBER COMPANY 401(K) PLAN Average Participant Retirement Account Value
STIMSON LUMBER COMPANY 401(K) PLAN Estimated Average Employee Contribution Amount
276,285.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,316.00 in STIMSON LUMBER COMPANY 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 STIMSON LUMBER COMPANY 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’.
STIMSON LUMBER COMPANY 401(K) PLAN Total Employer Contribution and Match Rate
STIMSON LUMBER COMPANY 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $3,834.00 for 20 years would give you extra $245,383.00, assuming a 10% annual return.
STIMSON LUMBER COMPANY 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 50% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 6% of the participant’s eligible compensation that a participant contributes to the plan.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in profit sharing contributions is based on a schedule where 0% is vested immediately upon participation, increasing to 100% after 6 or more years of service. To receive profit sharing contributions, employees must have worked 1,000 hours during the year and be employed as of December 31.
4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.
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