Question
Stephen began working at Freedom LED, LLC on 2 Jan of 2016. He became eligible for the 401k plan and the company match immediately. The
Stephen began working at Freedom LED, LLC on 2 Jan of 2016. He became eligible for the 401k plan and the company match immediately. The company has a generous match of dollar for dollar up to 6% of salary. The vesting schedule is a 6 year graded match with the following schedule:
Years of service Vesting
1 0%
2 20%
3 40%
4 60%
5 80%
6 100%
Stephen began making salary contributions in June of 2017 at the rate of $500 per month. Stephen resigned effective 31 Dec 2019. His account balance is $22550 consisting of $11,275 of Stephen's deferrals and $11,275 of company match. What will Stephen's total vested account balance be?
$11,275
$15,785
$18,040
$22,550
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