THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Contribution & Employer Match

THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Contribution & Employer Match

CENTER FOR DISABILITY SERVICES provides the following retirement savings benefits to its employees:

THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Average Participant Retirement Account Value

In 2021, the average participant retirement account value for THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES is $30,550.00

THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES is $867.00. 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.
55,545.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 867.00 in THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES, 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 THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES

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’.

THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Total Employer Contribution and Match Rate

In 2021, THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES allocates $2,191,573.00 to match its employees' contributions, providing an employer match rate of 77.22% of their contributions

THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES is approximately $670.00
Investing in this additonal $670.00 for 20 years would give you extra $42,893.00, assuming a 10% annual return.

THE 401(K) RETIREMENT PLAN FOR EMPLOYEES OF THE CENTER FOR DISABILITY SERVICES Contribution & Match Policy

1. Employee Contribution Rates: Participants may make voluntary pretax and Roth contributions, subject to certain limitations under the terms of the Plan and the Internal Revenue Code (IRC). The automatic enrollment for new employees is set at 2%.

2. Employer Match/Contribution Conditions: The employer will contribute a matching contribution equal to 50% of the first 3% of eligible compensation that a participant contributes to the Plan. Additionally, there is a non-elective profit-sharing contribution of 3% of an eligible employee’s compensation for the plan year ended December 31, 2021, as well as potential additional amounts at the discretion of the employer.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the employer contribution portion is based on years of continuous service, with a participant being 100% vested after three years of credited service. Employees are eligible for employer matching contributions and profit-sharing contributions once they have completed one year of service and are age 21 or older, provided they do not participate in a 403(b) plan.

4. Roth 401(k) Contribution: Yes, the plan allows for Roth contributions.

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