TEAMWORLD, INC. 401(K) PLAN Contribution & Employer Match
TEAMWORLD, INC. 401(K) PLAN Contribution & Employer Match
TEAMWORLD, INC. provides the following retirement savings benefits to its employees:
TEAMWORLD, INC. 401(K) PLAN Average Participant Retirement Account Value
TEAMWORLD, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
213,829.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,341.00 in TEAMWORLD, 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 TEAMWORLD, 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’.
TEAMWORLD, INC. 401(K) PLAN Total Employer Contribution and Match Rate
TEAMWORLD, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,330.00 for 20 years would give you extra $85,158.00, assuming a 10% annual return.
TEAMWORLD, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can defer their compensation (pre-tax or after tax) up to statutory amounts allowed by the Internal Revenue Code (IRC), with an automatic contribution rate of 4% of their compensation, increasing by 1% each year to a maximum of 10%.
2. Employer Match/Contribution Conditions: The employer matches contributions on compensation deferrals up to the first 4% of plan compensation if eligibility requirements are met.
3. Vesting Schedule/Eligibility: Employer matching contributions are vested on a 6-year graded schedule. Employees are 100% vested in any discretionary contributions after two years of service. Eligibility requires employees to be 21 years of age and to have completed six months of employment, or one year of service and 1,000 hours if the six-month requirement is not met.
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