PRECISION STRIP RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

PRECISION STRIP RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

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

PRECISION STRIP RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PRECISION STRIP RETIREMENT AND SAVINGS PLAN is $214,234.00

PRECISION STRIP RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PRECISION STRIP RETIREMENT AND SAVINGS PLAN is $6,587.00. 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.
421,613.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,587.00 in PRECISION STRIP RETIREMENT AND 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 PRECISION STRIP RETIREMENT AND 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’.

PRECISION STRIP RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, PRECISION STRIP RETIREMENT AND SAVINGS PLAN allocates $10,923,077.00 to match its employees' contributions, providing an employer match rate of 112.87% of their contributions

PRECISION STRIP RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PRECISION STRIP RETIREMENT AND SAVINGS PLAN is approximately $6,988.00
Investing in this additonal $6,988.00 for 20 years would give you extra $447,266.00, assuming a 10% annual return.

PRECISION STRIP RETIREMENT AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 50% of eligible compensation into the Plan on a pre-tax basis and/or make Roth 401(k) contributions on an after-tax basis.

2. Employer Match/Contribution Conditions: The Company makes discretionary profit sharing contributions. Participants become eligible to receive discretionary profit sharing contributions after the completion of 1,000 hours and one year of service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their accounts with respect to participant contributions, eligible rollovers, and earnings thereon. Participants vest in Company contributions based on the following schedule: Less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 or more years - 100%. Eligibility requires completion of three months of service and 1,000 hours worked for profit sharing contributions.

4. Roth 401(k) contributions are allowed.

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