WESTERN STONE & METAL CORP. 401(K) PLAN Contribution & Employer Match
WESTERN STONE & METAL CORP. 401(K) PLAN Contribution & Employer Match
WESTERN STONE & METAL CORP. provides the following retirement savings benefits to its employees:
WESTERN STONE & METAL CORP. 401(K) PLAN Average Participant Retirement Account Value
WESTERN STONE & METAL CORP. 401(K) PLAN Estimated Average Employee Contribution Amount
185,911.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,904.00 in WESTERN STONE & METAL CORP. 401(K) 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 WESTERN STONE & METAL CORP. 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’.
WESTERN STONE & METAL CORP. 401(K) PLAN Total Employer Contribution and Match Rate
WESTERN STONE & METAL CORP. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $947.00 for 20 years would give you extra $60,621.00, assuming a 10% annual return.
WESTERN STONE & METAL CORP. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company contributes 50% of the first 6% of base compensation that a participant contributes to the Plan.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years of service. Eligibility requires completion of six months of service and being 18 years of age; leased employees must work full-time for one year.
4. Roth 401(k) contribution: The Plan allows participants to designate contributions as Roth contributions.
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