401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Contribution & Employer Match

401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Contribution & Employer Match

REYNOLDS CONSUMER PRODUCTS LLC provides the following retirement savings benefits to its employees:

401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Average Participant Retirement Account Value

In 2023, the average participant retirement account value for 401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING is $75,992.00

401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for 401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING is $4,163.00. 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.
266,489.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,163.00 in 401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING, 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 401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING

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’.

401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Total Employer Contribution and Match Rate

In 2023, 401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING allocates $4,252,703.00 to match its employees' contributions, providing an employer match rate of 68.00% of their contributions

401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in 401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING is approximately $2,720.00
Investing in this additonal $2,720.00 for 20 years would give you extra $174,134.00, assuming a 10% annual return.

401(K) RETIREMENT PLAN FOR REYNOLDS BARGAINING Contribution & Match Policy

1. Employee Contribution Rates: Participants may make voluntary contributions to the Plan not to exceed a certain percentage of compensation, depending on their location or the maximums prescribed by law.

2. Employer Match/Contribution Conditions: The employer matches contributions ranging from 25% - 100% of the first 6% of eligible compensation contributed by the participant. Members of Local USW 155 and Local USW 7972 become eligible for matching contributions after one year of service.

3. Vesting Schedule/Eligibility: Company matching contributions and ERIC are 100% vested after three years of service. Participants fully vest upon death, permanent disability, termination due to closure of the participant’s location, placement on permanent layoff status, layoff that has continued for 24 months, or after attaining age 65.

4. Roth 401(k) Contribution: Participants may make voluntary contributions to the Plan on both a pretax and after-tax basis.

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