WORKWEAR OUTFITTERS 401K SAVINGS PLAN Contribution & Employer Match
WORKWEAR OUTFITTERS 401K SAVINGS PLAN Contribution & Employer Match
WORKWEAR OUTFITTERS, LLC provides the following retirement savings benefits to its employees:
WORKWEAR OUTFITTERS 401K SAVINGS PLAN Average Participant Retirement Account Value
WORKWEAR OUTFITTERS 401K SAVINGS PLAN Estimated Average Employee Contribution Amount
324,024.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,062.00 in WORKWEAR OUTFITTERS 401K 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 WORKWEAR OUTFITTERS 401K 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’.
WORKWEAR OUTFITTERS 401K SAVINGS PLAN Total Employer Contribution and Match Rate
WORKWEAR OUTFITTERS 401K SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,239.00 for 20 years would give you extra $207,305.00, assuming a 10% annual return.
WORKWEAR OUTFITTERS 401K SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Eligible participants are permitted to elect to have a percentage of their compensation contributed as pretax 401(k) or Roth contributions, with the deferral rate set at 3% of eligible compensation for automatically enrolled participants.
2. Employer Match/Contribution Conditions: The employer matches 100% of elective deferral contributions that do not exceed 6% of compensation.
3. Roth 401(k) contribution: The Plan allows Roth contributions.
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