THINKOM RETIREMENT SAVINGS PLAN Contribution & Employer Match
THINKOM RETIREMENT SAVINGS PLAN Contribution & Employer Match
THINKOM SOLUTIONS, INC. provides the following retirement savings benefits to its employees:
THINKOM RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
THINKOM RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
513,208.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,018.00 in THINKOM 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 THINKOM 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’.
THINKOM RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
THINKOM RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,221.00 for 20 years would give you extra $206,188.00, assuming a 10% annual return.
THINKOM RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 60% of eligible compensation, subject to an annual limit of the lesser of $20,500 (or $27,000 for those age 50 and over).
2. Employer Match/Contribution Conditions: The employer matches 100% of a participant's elective deferrals up to 4% of a participant's compensation per pay period. Long-term part-time employees are not eligible for the employer match.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer's safe harbor matching contributions.
4. Roth 401(k) Contribution: The plan allows Roth contributions.
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