WELLS ENTERPRISES, INC. 401(K) PLAN Contribution & Employer Match

WELLS ENTERPRISES, INC. 401(K) PLAN Contribution & Employer Match

WELLS ENTERPRISES, INC. provides the following retirement savings benefits to its employees:

WELLS ENTERPRISES, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WELLS ENTERPRISES, INC. 401(K) PLAN is $76,013.00

WELLS ENTERPRISES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WELLS ENTERPRISES, INC. 401(K) PLAN is $3,999.00. 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.
255,951.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,999.00 in WELLS ENTERPRISES, INC. 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 WELLS ENTERPRISES, INC. 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’.

WELLS ENTERPRISES, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, WELLS ENTERPRISES, INC. 401(K) PLAN allocates $13,573,094.00 to match its employees' contributions, providing an employer match rate of 67.52% of their contributions

WELLS ENTERPRISES, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WELLS ENTERPRISES, INC. 401(K) PLAN is approximately $2,604.00
Investing in this additonal $2,604.00 for 20 years would give you extra $166,668.00, assuming a 10% annual return.

WELLS ENTERPRISES, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, with an auto-enrollment rate set at 3% of eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 50% up to 6% of eligible compensation for participants hired before September 1, 2012, and 50% up to 4% (then 100% of the next 2%) for those hired on or after that date if they are subject to collective bargaining. For non-collective bargaining participants, the employer matches 100% up to 6% of eligible compensation.

3. Vesting Schedule/Eligibility: Employees are fully vested in their contributions immediately and in the employer’s contributions after one year of continuous service.

4. The plan does not specify Roth 401(k) contributions.

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