THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN Contribution & Employer Match

THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN Contribution & Employer Match

NYC CHAPTER OF NYSARC, INC. provides the following retirement savings benefits to its employees:

THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN is $1,159.00. 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.
74,213.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,159.00 in THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN, 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 COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY 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’.

THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN Total Employer Contribution and Match Rate

In 2022, THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN allocates $333,374.00 to match its employees' contributions, providing an employer match rate of 45.49% of their contributions

THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN is approximately $577.00
Investing in this additonal $577.00 for 20 years would give you extra $36,977.00, assuming a 10% annual return.

THE COLLECTIVE BARGAINING EMPLOYEES OF THE NEW YORK CITY CHAPTER OF NYSARC TAX-DEFERRED ANNUITY PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants could contribute a portion of their pre-tax annual compensation, subject to a maximum amount determined by the IRC.

2. Employer Match/Contribution Conditions: If a participant completed less than five years of service and deferred at least 3% of their salary, the Employer would match 100% of the deferral up to 3% of their salary. Upon completion of at least five years but less than ten years of service and deferring at least 4%, the Employer would match 100% of the deferral up to 4%. Upon completion of ten years or more of service and deferring at least 4.5%, the Employer would match 100% of the deferral up to 4.5%.

3. Vesting Schedule/Eligibility: Participants were immediately vested in all contributions and earnings thereon. All employees, except excluded employees, were eligible to participate in the Plan immediately upon hire.

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