HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN Contribution & Employer Match

HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN Contribution & Employer Match

HOWMET AEROSPACE INC. provides the following retirement savings benefits to its employees:

HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN is $202,569.00

HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN is $6,752.00. 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.
432,178.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,752.00 in HOWMET AEROSPACE SALARIED 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 SALARIED 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 SALARIED RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN allocates $27,950,606.00 to match its employees' contributions, providing an employer match rate of 84.66% of their contributions

HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN is approximately $5,729.00
Investing in this additonal $5,729.00 for 20 years would give you extra $366,715.00, assuming a 10% annual return.

HOWMET AEROSPACE SALARIED RETIREMENT SAVINGS PLAN Contribution & Match Policy

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

2. Employer Match/Contribution Conditions: The employer matches up to 6% of the participants' eligible compensation for nonbargaining eligible employees of the Hourly Plan and must make a matching contribution of up to 6% for the Salaried Plan.

3. Vesting Schedule/Eligibility: Employees are immediately eligible for plan participation and are fully vested in the value of their contributions plus actual earnings at all times. For specific hourly employees (RMI participants), employer contributions vest incrementally: 33% after one year, 67% after two years, and 100% after three years of service.

4. Roth 401(k) Contribution: The plan provides for Roth deferral options effective January 1, 2023.

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