SYSTEMS INTEGRATION SOLUTIONS, INC. 401(K) PLAN Contribution & Employer Match
SYSTEMS INTEGRATION SOLUTIONS, INC. 401(K) PLAN Contribution & Employer Match
SYSTEMS INTEGRATION SOLUTIONS, INC. provides the following retirement savings benefits to its employees:
SYSTEMS INTEGRATION SOLUTIONS, INC. 401(K) PLAN Average Participant Retirement Account Value
SYSTEMS INTEGRATION SOLUTIONS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
184,485.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,882.00 in SYSTEMS INTEGRATION SOLUTIONS, INC. 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 SYSTEMS INTEGRATION SOLUTIONS, 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’.
SYSTEMS INTEGRATION SOLUTIONS, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 15% of their compensation.
2. Employer Match/Contribution Conditions: The employer may make a discretionary non-elective contribution, but for 2022, the employer elected to forgo this contribution.
3. Vesting Schedule/Eligibility: Participants are immediately fully vested in their contributions and related earnings. Participants vest in plan sponsor contributions in ratable installments of 20% after two years of service. To receive non-elective contributions, participants must attain age 21, complete at least 1,000 hours of service, and be employed on the last day of the plan year.
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