HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN Contribution & Employer Match

HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN Contribution & Employer Match

RMI TITANIUM COMPANY provides the following retirement savings benefits to its employees:

HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN is $3,543.00. 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.
226,804.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,543.00 in HOWMET AEROSPACE NILES BARGAINING 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 HOWMET AEROSPACE NILES BARGAINING 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’.

HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2021, HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN allocates $997,329.00 to match its employees' contributions, providing an employer match rate of 55.40% of their contributions

HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN is approximately $1,963.00
Investing in this additonal $1,963.00 for 20 years would give you extra $125,647.00, assuming a 10% annual return.

HOWMET AEROSPACE NILES BARGAINING RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 25% of eligible compensation as pre-tax or up to 10% as after-tax, with a maximum of 25% in the aggregate.

2. Employer Match/Contribution Conditions: The employer matches contributions up to 6% of eligible compensation for nonbargaining eligible employees in the Hourly Plan and must make a matching contribution up to 6% for the Salaried Plan. For bargaining employees in the Hourly Plan and Niles Bargaining Plan, the employer match is based on various collective bargaining agreements.

3. Vesting Schedule/Eligibility: Participants are fully vested in their contributions at all times. For the Niles Bargaining Plan, employer contributions vest incrementally: 33% after one year of service, 67% after two years, and 100% after three years of service. Employees are immediately eligible to participate in the plans.

4. Roth 401(k) Contribution: Not stated.

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