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ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Contribution & Employer Match

ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Contribution & Employer Match

ELECTROLUX HOME PRODUCTS, INC. provides the following retirement savings benefits to its employees:

ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN is $18,694.00

ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN is $1,332.00. 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.
85,259.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,332.00 in ELECTROLUX HOME PRODUCTS, INC. THRIFT 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 ELECTROLUX HOME PRODUCTS, INC. THRIFT 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’.

ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Total Employer Contribution and Match Rate

In 2023, ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN allocates $17,852,535.00 to match its employees' contributions, providing an employer match rate of 206.34% of their contributions

ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN is approximately $2,648.00
Investing in this additonal $2,648.00 for 20 years would give you extra $169,519.00, assuming a 10% annual return.

ELECTROLUX HOME PRODUCTS, INC. THRIFT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may make before-tax and after-tax contributions of up to 25% of their base salary or eligible compensation.

2. Employer Match/Contribution Conditions: The Company matches 100% of the first 3% and 50% of the next 2% of a participant’s contribution. Additionally, the Company contributes a non-elective contribution of 2% of pay for all eligible employees.

3. Vesting Schedule/Eligibility: Participants are automatically 100% vested in Company matching contributions. They become 50% vested in Company non-elective contributions after two years of service and reach 100% vesting after three years of service.

4. Roth 401(k) contributions are allowed.

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