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The maximum total contribution to a 401k (employee + employer) is $55,000/yr. He likely hit that limit. And/or Apple matches 1:1. The personal maximum contribu
by programbreeding 8y ago
The maximum total contribution to a 401k (employee + employer) is $55,000/yr. He likely hit that limit.
And/or Apple matches 1:1. The personal maximum contribution is $18,000/yr, and he intentionally stayed under that limit.
- ryanmercer 8y ago>The maximum total contribution to a 401k (employee + employer) is $55,000/yr. He likely hit that limit. 60k, he's over 50.
- refurb 8y agoThe maximum total contribution to a 401k (employee + employer) is $55,000/yr. He likely hit that limit. Not sure I understand. How could he hit the limit? Tim can contribute $24,500 ($18K + $6K since he's over 50). If Apple matched $16,000, how could he hit the max of $60K?
- SteveNuts 8y agoI believe companies can add more to the 401k than what the person contributes.
- refurb 8y agoYeah, but the article states Apple contributed $16k. Maybe it’s the highly compensated employee clawback? I know if you make over a certain amount your contribution and matching limits can come down.