AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Contribution & Employer Match

AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Contribution & Employer Match

AMERICAN FOREST & PAPER ASSOCIATION, INC. provides the following retirement savings benefits to its employees:

AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN is $314,522.00

AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN is $6,528.00. 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.
417,820.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,528.00 in AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS 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 AMERICAN FOREST & PAPER ASSOCIATION, INC. 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’.

AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN allocates $1,030,818.00 to match its employees' contributions, providing an employer match rate of 93.99% of their contributions

AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN is approximately $5,958.00
Investing in this additonal $5,958.00 for 20 years would give you extra $381,343.00, assuming a 10% annual return.

AMERICAN FOREST & PAPER ASSOCIATION, INC. SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 15% of after-tax annual compensation and up to 90% of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The employer makes non-discretionary matching contributions at a fixed rate of 100% up to 3% of eligible compensation and 50% of eligible compensation from 3% to 5%, for a maximum matching contribution of 4%. Additionally, a basic employer contribution of 5% of eligible compensation is provided for participants who have completed one year of service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer matching contributions. Participants are vested in the Association's basic and non-elective contributions based on years of continuous service: 50% vested immediately and 100% vested after three years of service.

4. It allows Roth 401(k) contributions.

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