OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match

OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match

OILTANKING NORTH AMERICA LLC provides the following retirement savings benefits to its employees:

OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN is $86,681.00

OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN is $2,753.00. 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.
176,209.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,753.00 in OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION 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 OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION 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’.

OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2021, OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN allocates $1,222,567.00 to match its employees' contributions, providing an employer match rate of 84.10% of their contributions

OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN is approximately $2,315.00
Investing in this additonal $2,315.00 for 20 years would give you extra $148,189.00, assuming a 10% annual return.

OILTANKING NORTH AMERICA LLC DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their pretax annual compensation, up to the maximum allowable under the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The employer matches up to 4% of the participants’ eligible annual compensation and also makes annual discretionary non-elective contributions of 5.5% of the participants’ annual eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and any income or loss thereon, as well as in the Company’s safe harbor matching contributions. Vesting in the Company’s discretionary non-elective contributions is based on years of continuous service, with participants vesting ratably each year over a five-year service period. A full-time employee becomes eligible to participate in the plan on the first day of the month after their hire date.

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