SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match
SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match
SUNSET FOOD MART, INC. provides the following retirement savings benefits to its employees:
SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
79,932.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,248.00 in SUNSET FOOD MART, INC. 401(K) RETIREMENT 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 SUNSET FOOD MART, INC. 401(K) RETIREMENT 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’.
SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $663.00 for 20 years would give you extra $42,479.00, assuming a 10% annual return.
SUNSET FOOD MART, INC. 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Each year, participants may contribute a portion of their annual compensation.
2. Employer Match/Contribution Conditions: The plan allows for discretionary employer matching contributions for all participants, except those covered by the UFCW collective bargaining agreement.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions and employer matching contributions immediately upon participation in the plan.
4. It allows Roth 401(k) contributions.
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