HEXION INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

HEXION INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

HEXION INC. provides the following retirement savings benefits to its employees:

HEXION INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HEXION INC. RETIREMENT SAVINGS PLAN is $241,933.00

HEXION INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HEXION INC. RETIREMENT SAVINGS PLAN is $5,062.00. 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.
324,022.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,062.00 in HEXION INC. RETIREMENT 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 HEXION INC. RETIREMENT 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’.

HEXION INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, HEXION INC. RETIREMENT SAVINGS PLAN allocates $7,947,379.00 to match its employees' contributions, providing an employer match rate of 98.54% of their contributions

HEXION INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HEXION INC. RETIREMENT SAVINGS PLAN is approximately $6,057.00
Investing in this additonal $6,057.00 for 20 years would give you extra $387,677.00, assuming a 10% annual return.

HEXION INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Highly Compensated Employees may contribute 1% to 15% of eligible compensation; all other participants may contribute 1% to 25% of eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 5% of eligible compensation deferred. Additionally, there are true-up matching contributions on an annualized basis, and eligible associates may receive an Annual Retirement Contribution (ARC) based on years of service.

3. Vesting Schedule/Eligibility: Employer matching contributions vest 100% upon the completion of three years of service. For certain associates, vesting may vary between five to seven years depending on collective bargaining agreements.

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

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