RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Contribution & Employer Match

RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Contribution & Employer Match

RELIANCE STEEL & ALUMINUM CO. provides the following retirement savings benefits to its employees:

RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN is $111,780.00

RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN is $5,411.00. 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.
346,362.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,411.00 in RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) 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 RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) 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’.

RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN allocates $27,862,507.00 to match its employees' contributions, providing an employer match rate of 43.50% of their contributions

RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN is approximately $2,329.00
Investing in this additonal $2,329.00 for 20 years would give you extra $149,109.00, assuming a 10% annual return.

RELIANCE STEEL & ALUMINUM CO. MASTER 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 50% of eligible compensation.

2. Employer Match/Contribution Conditions: Participating employers make matching contributions per payroll cycle, and all employer contributions are discretionary, as determined by the Company.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their accounts with respect to participant contributions, while employer contributions vest according to the following schedule: 0% for less than 1 year of service, 25% after 1 year, 50% after 2 years, 75% after 3 years, and 100% after 4 or more years of service. Eligible employees may participate in the Plan upon completion of 30 days of employment.

4. Roth 401(k) contribution: Yes, the plan allows Roth 401(k) contributions on an after-tax basis.

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