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HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Contribution & Employer Match

HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Contribution & Employer Match

HBT FINANCIAL, INC. provides the following retirement savings benefits to its employees:

HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST is $78,174.00

HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST is $4,190.00. 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.
268,188.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,190.00 in HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST, 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 HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST

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’.

HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Total Employer Contribution and Match Rate

In 2023, HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST allocates $1,752,576.00 to match its employees' contributions, providing an employer match rate of 43.61% of their contributions

HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST is approximately $1,675.00
Investing in this additonal $1,675.00 for 20 years would give you extra $107,232.00, assuming a 10% annual return.

HBT FINANCIAL, INC. EMPLOYEES PROFIT SHARING TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 60 percent of their annual compensation, along with an after-tax contribution option of up to 30 percent.

2. Employer Match/Contribution Conditions: The employer matches 50 percent of the participant's contribution, not to exceed 10 percent of the employee's compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions. Company contributions vest at 20 percent after two years of service, with an additional 20 percent per year thereafter until fully vested after six years.

4. Roth 401(k) contribution: The plan allows after-tax contributions, which imply a Roth 401(k) option.

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