H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match

H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match

H.J. MARTIN & SON, INC. provides the following retirement savings benefits to its employees:

H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN is $85,751.00

H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN is $5,321.00. 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.
340,549.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,321.00 in H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS 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 H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS 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’.

H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN allocates $426,858.00 to match its employees' contributions, providing an employer match rate of 30.16% of their contributions

H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN is approximately $1,524.00
Investing in this additonal $1,524.00 for 20 years would give you extra $97,567.00, assuming a 10% annual return.

H. J. MARTIN & SON, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute a percentage of pretax annual compensation, up to the maximum limits of the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Company matches 50% of the participant's contribution up to 6% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are 20% vested after two years of credited service and continue to vest in increments of 20% until 100% vested after six years of credited service. Eligibility requires completing 1,000 hours of service and being employed on the last day of the Plan year.

4. Roth 401(k) Contribution: Participants may designate all or a portion of their deferral contributions as after-tax contributions into a Roth account.

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