THE STERLING BMW RETIREMENT SAVINGS PLAN Contribution & Employer Match
THE STERLING BMW RETIREMENT SAVINGS PLAN Contribution & Employer Match
STERLING MOTORS, LTD, DBA STERLING BMW provides the following retirement savings benefits to its employees:
THE STERLING BMW RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
THE STERLING BMW RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
173,781.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,715.00 in THE STERLING BMW RETIREMENT SAVINGS 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 THE STERLING BMW RETIREMENT SAVINGS 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 STERLING BMW RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Eligible participants are permitted to contribute up to a maximum allowed under Internal Revenue Service Code as pre-tax 401(k) or Roth contributions to the Plan.
2. Vesting Schedule/Eligibility: Participants become 20% vested in employer contributions after one year of service, and vest 20% each subsequent year, fully vesting after five years of service. Participants are immediately vested in their contributions plus actual earnings.
3. Roth 401(k) Contribution: Yes, the Plan allows Roth contributions.
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