HICKORY POINT BANK & TRUST 401(K) PLAN Contribution & Employer Match

How HICKORY POINT BANK & TRUST Supports Your Retirement Savings

HICKORY POINT BANK & TRUST provides retirement savings benefits through HICKORY POINT BANK & TRUST 401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

HICKORY POINT BANK & TRUST 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for HICKORY POINT BANK & TRUST 401(K) PLAN is $59,527.00

HICKORY POINT BANK & TRUST 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for HICKORY POINT BANK & TRUST 401(K) PLAN is $4,408.00. 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.
282,141.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,408.00 in HICKORY POINT BANK & TRUST 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in HICKORY POINT BANK & TRUST 401(K) PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

HICKORY POINT BANK & TRUST 401(K) PLAN Total Employer Contribution and Match Rate

In 2024, HICKORY POINT BANK & TRUST 401(K) PLAN allocates $534,483.00 to match its employees’ contributions, providing an employer match rate of 59.87% of their contributions

HICKORY POINT BANK & TRUST 401(K) PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in HICKORY POINT BANK & TRUST 401(K) PLAN is approximately $2,545.00
Investing in this additonal $2,545.00 for 20 years would give you extra $162,890.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

HICKORY POINT BANK & TRUST 401(K) PLAN Contribution & Match Policy

HICKORY POINT BANK & TRUST 401(K) PLAN Plan Policies

HICKORY POINT BANK & TRUST 401(K) PLAN Contribution, Match and Other Plan Policies

  • Participants are automatically enrolled in the Plan at 6% of their eligible compensation and will have automatic increases of 1% per year to a maximum deferral of 10% unless the participant elects otherwise.
  • The elective deferral amount may not be more than the lesser of: (a) 100% of their eligible compensation for the period, (b) the maximum dollar limit allowed under the requirements of the Internal Revenue Code ($23,000 for 2024 and $22,500 for 2023) or (c) such lesser amount as determined by the discrimination tests for the Plan.
  • Participants who will be age 50 or older during the plan year are eligible to make catch-up contributions (up to $7,500 additional for 2024 and 2023).
  • Participants may also contribute amounts representing distributions from other qualified benefit or contribution plans.
  • The Company elected to contribute a discretionary match of 100% of the first 4% and 50% of the next 2% of compensation that a participant contributed to the Plan during 2024.
  • Participants are immediately vested in their contributions and rollovers plus actual earnings thereon.
  • Discretionary matching and profit sharing contributions, plus earnings thereon, are based on years of continuous service at the rate of 25% per year.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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