THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Contribution & Employer Match

THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Contribution & Employer Match

NATIONAL PEN CO. LLC provides the following retirement savings benefits to its employees:

THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN is $80,957.00

THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN is $3,722.00. 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.
238,232.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,722.00 in THE NATIONAL PEN & ASSOCIATES P/S & SVGS 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 NATIONAL PEN & ASSOCIATES P/S & SVGS 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 NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Total Employer Contribution and Match Rate

In 2022, THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN allocates $592,401.00 to match its employees' contributions, providing an employer match rate of 35.92% of their contributions

THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN is approximately $1,407.00
Investing in this additonal $1,407.00 for 20 years would give you extra $90,056.00, assuming a 10% annual return.

THE NATIONAL PEN & ASSOCIATES P/S & SVGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their compensation to the plan.

2. Employer Match/Contribution Conditions: The Company contributes 100% of the first 2% of a participant’s deferrals and 25% on the next 6% of a participant’s deferrals. A participant must be employed on the last day of the Plan quarter to receive an allocation of any matching contributions.

3. Vesting Schedule/Eligibility: Employer matching contributions are subject to a one-year vesting period. Non-elective employer contributions vest 20% after one complete year of service, with an additional 20% for each complete year of service thereafter until fully vested. Employees must complete a three-consecutive-month period of service to be eligible.

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