VISTA PAINT CORPORATION 401K SALARY SAVINGS PLAN Contribution & Employer Match
VISTA PAINT CORPORATION 401K SALARY SAVINGS PLAN Contribution & Employer Match
VISTA PAINT CORPORATION provides the following retirement savings benefits to its employees:
VISTA PAINT CORPORATION 401K SALARY SAVINGS PLAN Average Participant Retirement Account Value
VISTA PAINT CORPORATION 401K SALARY SAVINGS PLAN Estimated Average Employee Contribution Amount
155,685.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,432.00 in VISTA PAINT CORPORATION 401K SALARY 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 VISTA PAINT CORPORATION 401K SALARY 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’.
VISTA PAINT CORPORATION 401K SALARY SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute a portion of their compensation, subject to maximum limitations imposed by Section 402(g) of the IRC, with an automatic enrollment provision of 3% salary deferral.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions, which will be allocated in accordance with the plan document provisions.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferrals and rollover contributions. For company matching and profit-sharing contributions, participants are always 100% vested if employed on or after their Normal Retirement Age or if termination is due to death or disability. For other contributions, participants are credited with a period of service for every 1,000 hours earned.
4. Roth 401(k) Contribution: Yes, the plan allows Roth deferrals.
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