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.
And/or Apple matches 1:1. The personal maximum contribution is $18,000/yr, and he intentionally stayed under that limit.
60k, he's over 50.
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?
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.