TK ELEVATOR RETIREMENT SAVINGS PLAN Contribution & Employer Match

TK ELEVATOR RETIREMENT SAVINGS PLAN Contribution & Employer Match

TK ELEVATOR CORPORATION provides the following retirement savings benefits to its employees:

TK ELEVATOR RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TK ELEVATOR RETIREMENT SAVINGS PLAN is $105,914.00

TK ELEVATOR RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TK ELEVATOR RETIREMENT SAVINGS PLAN is $5,339.00. 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.
341,742.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,339.00 in TK ELEVATOR RETIREMENT SAVINGS 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 TK ELEVATOR 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’.

TK ELEVATOR RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, TK ELEVATOR RETIREMENT SAVINGS PLAN allocates $18,795,149.00 to match its employees' contributions, providing an employer match rate of 64.58% of their contributions

TK ELEVATOR RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TK ELEVATOR RETIREMENT SAVINGS PLAN is approximately $3,303.00
Investing in this additonal $3,303.00 for 20 years would give you extra $211,404.00, assuming a 10% annual return.

TK ELEVATOR RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary; the automatic enrollment is set at 5 percent unless they elect otherwise.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the first 5 percent of pay contributed by a participant. Additional true-up contributions may be made annually to ensure the participant receives full matching contributions.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee contributions and any associated income. For matching contributions, those employed between January 1, 2000, and January 1, 2004, vest 20 percent after one year, increasing by 20 percent each year to become fully vested after five years. Eligible for additional matching contributions if they have made contributions during the plan year and have completed at least 500 hours of service.

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