COVIA RETIREMENT SAVINGS PLAN Contribution & Employer Match
How COVIA HOLDINGS LLC Supports Your Retirement Savings
COVIA HOLDINGS LLC provides retirement savings benefits through COVIA RETIREMENT SAVINGS PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
COVIA RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
COVIA RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
337,627.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,275.00 in COVIA RETIREMENT SAVINGS PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in COVIA RETIREMENT SAVINGS PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
COVIA RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
COVIA RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,343.00 for 20 years would give you extra $213,967.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
COVIA RETIREMENT SAVINGS PLAN Contribution & Match Policy
COVIA RETIREMENT SAVINGS PLAN Contribution, Match and Other Plan Policies
- Participants may contribute up to 85% of their annual compensation, as defined, subject to certain Internal Revenue Code (IRC) limitations.
- Eligible participants who fail to affirmatively make a deferral election (including opting out of participation) will be auto-enrolled into the Plan at a rate of 3% of annual compensation, as defined, as a pre-tax contribution.
- For those participants automatically enrolled, the deemed elective deferral rate shall be increased by 1% annually to a maximum of 5%.
- The Company contributes a safe-harbor match calculated as 100% of the first 6% of eligible compensation for each non-union employee participating in the Plan.
- The Company shall make a safe-harbor matching contribution on behalf of hourly employees at Ottawa, Illinois covered by the collective bargaining agreement between the Company and Ottawa Local No.
- 31-G (00) of The United Steel, Paper and International Union Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Works, Affiliated with the AFL-CIO-CLC.
- Such matching contribution shall be equal to 100% of the first 3%, and 50% of the next 2%, of the participant’s compensation contributed as elective deferrals.
- Effective January 1, 2024, this safe-harbor matching contribution also applies to hourly employees at Hephzibah, Georgia covered by the collective bargaining agreement between the Company and Laborers International Union of North America, AFL-CIO, Local 515 (Hephzibah Local 515).
- Participants vest immediately in their contributions (including rollover contributions) plus actual earnings or losses thereon.
- Vesting in the Company’s contributions is based on years of continuous service.
- A participant is generally 100% vested after: 1) two years of credited service for the Company’s matching contributions for union participants, 2) immediate vesting for the Company’s safe-harbor matching contributions for non-union and eligible union participants, and 3) three years of credited service for the Company’s fixed non-elective contributions and employer discretionary contributions.
- In addition, certain union employees and employees affiliated with previous acquisitions are vested in employer contributions as determined on the basis of those agreements.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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