THE THORNHILL COMPANIES 401(K) PLAN Contribution & Employer Match

THE THORNHILL COMPANIES 401(K) PLAN Contribution & Employer Match

NICHOLAS BAGSHAW COMPANY provides the following retirement savings benefits to its employees:

THE THORNHILL COMPANIES 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE THORNHILL COMPANIES 401(K) PLAN is $42,126.00

THE THORNHILL COMPANIES 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE THORNHILL COMPANIES 401(K) PLAN is $3,957.00. 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.
253,302.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,957.00 in THE THORNHILL COMPANIES 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 THE THORNHILL COMPANIES 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’.

THE THORNHILL COMPANIES 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, THE THORNHILL COMPANIES 401(K) PLAN allocates $384,862.00 to match its employees' contributions, providing an employer match rate of 51.04% of their contributions

THE THORNHILL COMPANIES 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE THORNHILL COMPANIES 401(K) PLAN is approximately $1,963.00
Investing in this additonal $1,963.00 for 20 years would give you extra $125,669.00, assuming a 10% annual return.

THE THORNHILL COMPANIES 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute between 1% and 80% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The Company makes safe harbor contributions up to 4% of the participant’s eligible compensation, regardless of the employee’s hours of service or employment on the last day of the plan year.

3. Vesting Schedule/Eligibility: Participants are vested immediately in all contributions plus actual earnings thereon. Employees are eligible to participate in the Plan upon reaching age 21 and after completing one month of service, and must complete at least 1,000 hours of service during the Plan year and be employed as of the last day of the Plan year to receive employer profit sharing contributions.

4. Roth 401(k) Contribution: Participants may elect to make Roth contributions utilizing after-tax contributions.

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