EVERSOURCE 401K PLAN Contribution & Employer Match

EVERSOURCE 401K PLAN Contribution & Employer Match

EVERSOURCE ENERGY SERVICE COMPANY provides the following retirement savings benefits to its employees:

EVERSOURCE 401K PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EVERSOURCE 401K PLAN is $272,099.00

EVERSOURCE 401K PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EVERSOURCE 401K PLAN is $9,456.00. 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.
605,236.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,456.00 in EVERSOURCE 401K 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 EVERSOURCE 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’.

EVERSOURCE 401K PLAN Total Employer Contribution and Match Rate

In 2023, EVERSOURCE 401K PLAN allocates $64,573,157.00 to match its employees' contributions, providing an employer match rate of 50.78% of their contributions

EVERSOURCE 401K PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EVERSOURCE 401K PLAN is approximately $4,683.00
Investing in this additonal $4,683.00 for 20 years would give you extra $299,730.00, assuming a 10% annual return.

EVERSOURCE 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute on a pre-tax basis, an after-tax basis, a Roth basis, or a combination of the three, with an automatic enrollment contribution rate of three percent of pre-tax eligible earnings.

2. Employer Match/Contribution Conditions: The employer provides matching contributions of either 100 percent up to a maximum of three percent of eligible compensation, or 50 percent up to a maximum of eight percent of eligible compensation. Newly hired employees with at least six months of service receive a 100 percent match up to three percent; those with less than six months of service receive no match.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and earnings, as well as in employer matching contributions and earnings.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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