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AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Contribution & Employer Match

AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Contribution & Employer Match

CLEVELAND-CLIFFS TUBULAR COMPONENTS LLC provides the following retirement savings benefits to its employees:

AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN is $68,931.00

AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN is $2,188.00. 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.
140,045.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,188.00 in AK TUBE LLC WALBRIDGE 401(K) RETIREMENT 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 AK TUBE LLC WALBRIDGE 401(K) RETIREMENT 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’.

AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2022, AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN allocates $299,951.00 to match its employees' contributions, providing an employer match rate of 59.34% of their contributions

AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN is approximately $1,265.00
Investing in this additonal $1,265.00 for 20 years would give you extra $80,999.00, assuming a 10% annual return.

AK TUBE LLC WALBRIDGE 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 75 percent of their annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the participant's contribution, not to exceed 2.5 percent of the employee's compensation, and provides a non-elective contribution of 2.5 percent of compensation for each salaried participant.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions. Vesting in the company's contributions occurs at 20 percent after two years of service, with an additional 20 percent each year until fully vested after six years. Eligibility requires six months of service, age 18 or older, and quarterly entry.

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