THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Contribution & Employer Match
THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Contribution & Employer Match
FINCH PAPER LLC provides the following retirement savings benefits to its employees:
THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Average Participant Retirement Account Value
THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Estimated Average Employee Contribution Amount
206,360.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,224.00 in THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC
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’.
THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Total Employer Contribution and Match Rate
THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Estimated Average Employer Match
Investing in this additonal $1,520.00 for 20 years would give you extra $97,296.00, assuming a 10% annual return.
THE 401(K) PLAN FOR HOURLY EMPLOYEES OF FINCH PAPER LLC Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 15% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 50% of employee contributions up to a maximum of 6% of the employee's salary.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 3 years of service, and employees must complete at least 1,000 hours worked per year to be eligible.
4. Roth 401(k) contribution: Yes, the plan allows Roth 401(k) contributions.
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