BUTLER MACHINERY COMPANY RETIREMENT PLAN Contribution & Employer Match

BUTLER MACHINERY COMPANY RETIREMENT PLAN Contribution & Employer Match

BUTLER MACHINERY COMPANY provides the following retirement savings benefits to its employees:

BUTLER MACHINERY COMPANY RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BUTLER MACHINERY COMPANY RETIREMENT PLAN is $186,873.00

BUTLER MACHINERY COMPANY RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BUTLER MACHINERY COMPANY RETIREMENT PLAN is $4,941.00. 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.
316,248.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,941.00 in BUTLER MACHINERY COMPANY RETIREMENT 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 BUTLER MACHINERY COMPANY RETIREMENT 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’.

BUTLER MACHINERY COMPANY RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, BUTLER MACHINERY COMPANY RETIREMENT PLAN allocates $7,549,743.00 to match its employees' contributions, providing an employer match rate of 137.21% of their contributions

BUTLER MACHINERY COMPANY RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BUTLER MACHINERY COMPANY RETIREMENT PLAN is approximately $6,564.00
Investing in this additonal $6,564.00 for 20 years would give you extra $420,159.00, assuming a 10% annual return.

BUTLER MACHINERY COMPANY RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 80 percent of their compensation, subject to IRS limits.

2. Employer Match/Contribution Conditions: Participants not under a collective bargaining agreement will receive a contribution of 10% of eligible compensation for each Plan year, plus a discretionary profit sharing contribution from the Company. Union and non-union employees must be employed at the end of the year to receive the employer contributions.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in their contributions plus earnings thereon. A participant is vested at twenty percent each year after completion of their second year of service and is fully vested after six years of service for Company contributions.

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