FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Contribution & Employer Match

FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Contribution & Employer Match

FORTERRA PIPE & PRECAST, LLC provides the following retirement savings benefits to its employees:

FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Average Participant Retirement Account Value

In 2021, the average participant retirement account value for FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES is $34,430.00

FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES is $2,771.00. 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.
177,404.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,771.00 in FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES, 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 FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES

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’.

FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Total Employer Contribution and Match Rate

In 2021, FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES allocates $2,380,678.00 to match its employees' contributions, providing an employer match rate of 66.32% of their contributions

FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES is approximately $1,838.00
Investing in this additonal $1,838.00 for 20 years would give you extra $117,655.00, assuming a 10% annual return.

FORTERRA BUILDING PRODUCTS RETIREMENT SAVINGS PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute 1% to 50% of annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant elective deferrals up to 2% to 4% of a participant's eligible compensation, depending on the employee group.

3. Vesting Schedule/Eligibility: Participants are immediately vested in rollover contributions and participant contributions. Vesting of employer matching contributions is based on years of continuous service and differs by employee group. Participants vest 100% upon retirement, death, or disability.

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

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