THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match

THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match

THOMPSON HOLDINGS, INC. provides the following retirement savings benefits to its employees:

THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN is $149,307.00

THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN is $5,206.00. 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.
333,193.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,206.00 in THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP 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 THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP 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’.

THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Total Employer Contribution and Match Rate

In 2023, THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN allocates $1,377,725.00 to match its employees' contributions, providing an employer match rate of 53.25% of their contributions

THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN is approximately $2,442.00
Investing in this additonal $2,442.00 for 20 years would give you extra $156,337.00, assuming a 10% annual return.

THOMPSON HOLDINGS, INC. 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1% to 100% of their annual pre-tax compensation to the Plan.

2. Employer Match/Contribution Conditions: Employer matching contributions are made in an amount equal to 100% of the first 3% and then 50% of the next 2% of the participant’s deferrals.

3. Vesting Schedule/Eligibility: Employees are fully vested with respect to their employee contributions plus actual earnings. Vesting in the remainder of the account is based on years of service, with 100% vesting after two years of credited service. Participants who reach normal retirement age or incur a disability or death while employed are also 100% vested.

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