PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Contribution & Employer Match

PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Contribution & Employer Match

PIPEFITTERS LOCAL 636 DEFINED CONTRIBUTION RETIREMENT TRUST provides the following retirement savings benefits to its employees:

PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN is $76,769.00

PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN is $746.00. 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.
47,774.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 746.00 in PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND 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 PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND 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’.

PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Total Employer Contribution and Match Rate

In 2023, PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN allocates $6,088,894.00 to match its employees' contributions, providing an employer match rate of 247.25% of their contributions

PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN is approximately $1,805.00
Investing in this additonal $1,805.00 for 20 years would give you extra $115,531.00, assuming a 10% annual return.

PIPEFITTERS LOCAL NO 636 DEFINED CONTRIBUTION RETIREMENT TRUST AND PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to have their hourly wage reduced by $0.50, $1.00, $2.00, $3.00, $4.00, $5.00, $6.00, $7.00, or $8.00. Participants 50 years or older may elect $9.00, $10.00, $11.00, $12.00, or $13.00.

2. Employer Match/Contribution Conditions: Employer contributions are based on hours worked by Plan participants at hourly rates as specified in the collective bargaining agreements.

3. Vesting Schedule/Eligibility: Participants become 100 percent vested in their participant account balances at all times.

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