TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Contribution & Employer Match

TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Contribution & Employer Match

TOWER RESEARCH CAPITAL, LLC provides the following retirement savings benefits to its employees:

TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TOWER RESEARCH CAPITAL GROUP 401(K) PLAN is $180,359.00

TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TOWER RESEARCH CAPITAL GROUP 401(K) PLAN is $15,999.00. 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.
1,023,976.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 15,999.00 in TOWER RESEARCH CAPITAL GROUP 401(K) 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 TOWER RESEARCH CAPITAL GROUP 401(K) 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’.

TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, TOWER RESEARCH CAPITAL GROUP 401(K) PLAN allocates $3,220,526.00 to match its employees' contributions, providing an employer match rate of 27.82% of their contributions

TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TOWER RESEARCH CAPITAL GROUP 401(K) PLAN is approximately $4,259.00
Investing in this additonal $4,259.00 for 20 years would give you extra $272,637.00, assuming a 10% annual return.

TOWER RESEARCH CAPITAL GROUP 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may make contributions of up to $20,500 for 2022 and $19,500 for 2021.

2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions up to 3% of compensation for qualified participants, but not exceeding the employee’s contribution to the Plan.

3. Vesting Schedule/Eligibility: The employer’s contributions are 50% vested after one year of service and 100% vested after two years of service. Employees’ contributions are always 100% vested. Employees must be employed on the last day of the Plan year to be eligible for the discretionary matching contribution.

4. Roth 401(k) contribution: The Plan permits Roth employee contributions.

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