HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Contribution & Employer Match

HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Contribution & Employer Match

HOUSTON REFINING LP provides the following retirement savings benefits to its employees:

HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES is $189,188.00

HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES is $8,391.00. 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.
537,046.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,391.00 in HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES, 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 HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES

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’.

HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Total Employer Contribution and Match Rate

In 2023, HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES allocates $1,580,040.00 to match its employees' contributions, providing an employer match rate of 37.73% of their contributions

HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES is approximately $3,185.00
Investing in this additonal $3,185.00 for 20 years would give you extra $203,876.00, assuming a 10% annual return.

HOUSTON REFINING LP 401(K) AND SAVINGS PLAN FOR REPRESENTED EMPLOYEES Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1% to 50% of their eligible earnings through pre-tax payroll deductions and from 1% to 20% of their eligible earnings through after-tax payroll deductions.

2. Employer Match/Contribution Conditions: HRO makes matching contributions at the rate of 100% of Elective Deferrals up to a maximum matching contribution of 5% of the participant’s eligible earnings. Participants are eligible for matching contributions after completing twelve months of credited service.

3. Vesting Schedule/Eligibility: All contributions and earnings thereon are immediately fully vested and nonforfeitable. Eligibility to participate in the Plan begins immediately upon the beginning of employment with HRO.

4. The Plan offers Roth deferrals as an additional payroll deduction option as well as in-Plan Roth conversions.

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