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INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Contribution & Employer Match

INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Contribution & Employer Match

INT'L UNION OF OPERATING ENGINEERS provides the following retirement savings benefits to its employees:

INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN is $54,044.00

INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN is $2,335.00. 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.
149,482.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,335.00 in INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT 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 INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT 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’.

INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN allocates $549,642.00 to match its employees' contributions, providing an employer match rate of 140.91% of their contributions

INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN is approximately $3,003.00
Investing in this additonal $3,003.00 for 20 years would give you extra $192,224.00, assuming a 10% annual return.

INTERNATIONAL UNION OF OPERATING ENGINEERS STAFF RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 50% of after-tax annual compensation; however, for certain highly compensated employees, their after-tax contributions may not exceed 4% of annual compensation.

2. Employer Match/Contribution Conditions: The Plan Sponsor may make a discretionary profit-sharing contribution equal to 3% of participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their own contributions, any rollover contributions from other qualified plans, and any profit-sharing contributions made on their behalf.

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