What is SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK's employer match?

In 2020, SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK reported $810,150 in employer contributions. That is about 79.2% of reported employee contributions.

How many participants are in SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK?

At the end of 2020, SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK reported 208 plan participants.

What are SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK's total assets?

At the end of 2020, SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK reported total plan assets of $22,416,929.

What are the investment options in SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK?

MyPlanIQ tracks the investment lineup for SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK on its investment options page: https://www.myplaniq.com/invest/planinvestments/sbera-401k-plan-as-adopted-by-the-provident-bank/

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Q: When was SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK established?

SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK was established in 1996.

SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK

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Contribution & Savings

SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK Average Participant Retirement Account Value

In 2020, the average participant retirement account value for SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK is $107,773.00

SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK Estimated Average Employee Contribution Amount

In 2020, the estimated average employee contribution amount per participant for SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK is $9,838.00. 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.
629,670.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,838.00 in SBERA 401(K) PLAN AS ADOPTED BY THE PROVIDENT BANK, 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.

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