When this free money calculator speaks of free money, it is referencing employer contributions to your 401k that you are currently not receiving.
The free money calculated in this free money calculator is for this year… if you elect a %, and you get a raise next year, the amount contributed by your employer would go up!
Your free money shown in this free money calculator might be on a vesting schedule… which is a fancy way of saying the money put into your account slowly becomes yours over time (as an incentive for you to stay at your company).
This free money calculator is meant to be an estimate. Your HR manager can give you exact numbers based on your payroll file.
Please speak to a financial advisor regarding your particular situation, this free money calculator is for education purposes only.