WYANOKE DEFERRED COMPENSATION PLAN Contribution & Employer Match
WYANOKE DEFERRED COMPENSATION PLAN Contribution & Employer Match
THE WYANOKE GROUP, INC. provides the following retirement savings benefits to its employees:
WYANOKE DEFERRED COMPENSATION PLAN Average Participant Retirement Account Value
WYANOKE DEFERRED COMPENSATION PLAN Estimated Average Employee Contribution Amount
382,978.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,984.00 in WYANOKE DEFERRED COMPENSATION 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 WYANOKE DEFERRED COMPENSATION 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’.
WYANOKE DEFERRED COMPENSATION PLAN Total Employer Contribution and Match Rate
WYANOKE DEFERRED COMPENSATION PLAN Estimated Average Employer Match
Investing in this additonal $1,299.00 for 20 years would give you extra $83,152.00, assuming a 10% annual return.
WYANOKE DEFERRED COMPENSATION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of pre-tax eligible annual compensation.
2. Employer Match/Contribution Conditions: Discretionary employer matching contributions are based on 50% of the first 5% of participants’ eligible compensation contributed to the Plan each year. Employees must be employed as of December 31st to be eligible for matching contributions.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and qualified contributions. Vesting in the Company's discretionary contributions is 100% after six years of credited service. Employees must have completed three months of service and be age 18 or older to be eligible.
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