ANCHOR HOCKING 401K PLAN Contribution & Employer Match
ANCHOR HOCKING 401K PLAN Contribution & Employer Match
ANCHOR HOCKING HOLDINGS, INC. provides the following retirement savings benefits to its employees:
ANCHOR HOCKING 401K PLAN Average Participant Retirement Account Value
ANCHOR HOCKING 401K PLAN Estimated Average Employee Contribution Amount
77,837.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,216.00 in ANCHOR HOCKING 401K 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 ANCHOR HOCKING 401K 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’.
ANCHOR HOCKING 401K PLAN Total Employer Contribution and Match Rate
ANCHOR HOCKING 401K PLAN Estimated Average Employer Match
Investing in this additonal $746.00 for 20 years would give you extra $47,791.00, assuming a 10% annual return.
ANCHOR HOCKING 401K PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 75% of eligible compensation each year.
2. Employer Match/Contribution Conditions: The Employer makes discretionary matching contributions and annual non-elective contributions based on collective bargaining agreements, but the specific percentage or maximum amount is not detailed.
3. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions plus actual earnings. Full-time employees are immediately eligible to enter the Plan; part-time employees who are age 21 and have completed 1,000 hours of credited service are eligible.
4. Roth 401(k) Contribution: The Plan permits participants to make Roth contributions.
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