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CINER 401(K) RETIREMENT PLAN Contribution & Employer Match

CINER 401(K) RETIREMENT PLAN Contribution & Employer Match

SISECAM CHEMICALS RESOURCES LLC provides the following retirement savings benefits to its employees:

CINER 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for CINER 401(K) RETIREMENT PLAN is $168,906.00

CINER 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for CINER 401(K) RETIREMENT PLAN is $7,570.00. 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.
484,527.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,570.00 in CINER 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 CINER 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’.

CINER 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2021, CINER 401(K) RETIREMENT PLAN allocates $3,812,021.00 to match its employees' contributions, providing an employer match rate of 82.41% of their contributions

CINER 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in CINER 401(K) RETIREMENT PLAN is approximately $6,238.00
Investing in this additonal $6,238.00 for 20 years would give you extra $399,295.00, assuming a 10% annual return.

CINER 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 25% of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer matches 100% of pre-tax and after-tax contributions up to 4% of eligible compensation and 50% of contributions in excess of 4% but not exceeding 6% of eligible compensation.

3. Vesting Schedule/Eligibility: The Company’s contributions vest in 25% increments for each full calendar year of service, fully vested after four years. Company matching contributions for participants who are credited with at least one hour of service on or after June 1, 2017 are immediately vested. Eligibility requires employees to become participants upon hire.

4. Roth 401(k) contribution: The plan allows Roth 401(k) contributions.

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