BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

BUCKEYE PIPE LINE SERVICES COMPANY provides the following retirement savings benefits to its employees:

BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN is $243,911.00

BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN is $9,690.00. 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.
620,202.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,690.00 in BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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.

Employer match in BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN allocates $22,637,255.00 to match its employees' contributions, providing an employer match rate of 106.04% of their contributions

BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN is approximately $9,994.00
Investing in this additonal $9,994.00 for 20 years would give you extra $639,639.00, assuming a 10% annual return.

BUCKEYE PIPE LINE SERVICES COMPANY RETIREMENT AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 50% of their weekly compensation to the plan.

2. Employer Match/Contribution Conditions: The employer matches 100% of the employee's contribution up to a maximum of 5% of eligible compensation for employees with less than 20 years of service and 6% for employees with 20 years of service or more.

3. Vesting Schedule/Eligibility: Employer contributions become fully vested after five years of service and also become fully vested upon termination due to death, disability, attainment of age 65, or termination of the Plan. Employees are eligible to participate from their employment date.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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