WEST FRASER, INC. HOURLY SAVINGS PLAN Contribution & Employer Match
WEST FRASER, INC. HOURLY SAVINGS PLAN Contribution & Employer Match
WEST FRASER, INC. provides the following retirement savings benefits to its employees:
WEST FRASER, INC. HOURLY SAVINGS PLAN Average Participant Retirement Account Value
WEST FRASER, INC. HOURLY SAVINGS PLAN Estimated Average Employee Contribution Amount
139,703.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,182.00 in WEST FRASER, INC. HOURLY SAVINGS PLAN, 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 WEST FRASER, INC. HOURLY 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’.
WEST FRASER, INC. HOURLY SAVINGS PLAN Total Employer Contribution and Match Rate
WEST FRASER, INC. HOURLY SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,380.00 for 20 years would give you extra $88,343.00, assuming a 10% annual return.
WEST FRASER, INC. HOURLY SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to eighty-five (85%) percent of their annual eligible compensation.
2. Employer Match/Contribution Conditions: Fifty percent (50%) of the first six percent (6%) of participant contributions for participants not covered by a collective bargaining agreement, and fifty percent (50%) of the first five percent (5%) of participant contributions for participants covered by such an agreement.
3. Vesting Schedule/Eligibility: Participants are 100% vested after three (3) years of credited service; they also become 100% vested in all account balances in the event of death, disability, normal retirement age (65), or if the Plan is discontinued.
4. Allows Roth 401(k) contributions.
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