BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Contribution & Employer Match
BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Contribution & Employer Match
BRIDGESTONE AMERICAS, INC. provides the following retirement savings benefits to its employees:
BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Average Participant Retirement Account Value
BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Estimated Average Employee Contribution Amount
137,939.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,155.00 in BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES, 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 BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES
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’.
BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Total Employer Contribution and Match Rate
BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Estimated Average Employer Match
Investing in this additonal $1,562.00 for 20 years would give you extra $100,002.00, assuming a 10% annual return.
BRIDGESTONE AMERICAS, INC. SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of eligible compensation, not less than 1% and not more than the maximum allowable under the Internal Revenue Code (IRC), which does not exceed 100% of the participant’s paycheck prior to contributions.
2. Employer Match/Contribution Conditions: The Company provides a matching contribution for eligible teammates, with contributions outlined in each applicable Plan document supplement. The Company may change the amount of its matching contributions, subject to the collective bargaining agreement.
3. Vesting Schedule/Eligibility: Participants are immediately and fully vested in all participant contributions and earnings. Vesting of matching and non-matching contributions made by the Company is as outlined in each location’s Plan document supplement.
4. Roth 401(k) Contribution: The Plan allows Roth 401(k) contributions.
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