HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Contribution & Employer Match

HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Contribution & Employer Match

HAVERTY FURNITURE COMPANIES, INC. provides the following retirement savings benefits to its employees:

HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN is $52,888.00

HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN is $3,508.00. 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.
224,551.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,508.00 in HAVERTY FURNITURE COMPANIES, 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 HAVERTY FURNITURE COMPANIES, 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’.

HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Total Employer Contribution and Match Rate

In 2023, HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN allocates $5,955,301.00 to match its employees' contributions, providing an employer match rate of 50.98% of their contributions

HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN is approximately $1,730.00
Investing in this additonal $1,730.00 for 20 years would give you extra $110,731.00, assuming a 10% annual return.

HAVERTY FURNITURE COMPANIES, INC. THRIFT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible employees may make pre-tax and/or Roth contributions of up to 80% of their compensation, generally not to exceed a maximum of $20,500 in 2022.

2. Employer Match/Contribution Conditions: The Company makes safe harbor matching contributions up to 100% of the first 4% of eligible compensation contributed by participants.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Company contribution portion is based on years of service: fully vested in safe harbor contributions after two years, and for discretionary contributions, 40% after two years and 20% per year until fully vested at five years of service.

4. It allows Roth 401(k) contribution.

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