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LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Contribution & Employer Match

LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Contribution & Employer Match

SUMITOMO CORPORATION OF AMERICAS provides the following retirement savings benefits to its employees:

LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN is $60,918.00

LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN is $4,726.00. 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.
302,503.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,726.00 in LINDER INDUSTRIAL MACHINERY 401(K) 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 LINDER INDUSTRIAL MACHINERY 401(K) 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’.

LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN allocates $2,418,426.00 to match its employees' contributions, providing an employer match rate of 69.71% of their contributions

LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN is approximately $3,096.00
Investing in this additonal $3,096.00 for 20 years would give you extra $198,180.00, assuming a 10% annual return.

LINDER INDUSTRIAL MACHINERY 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 85% of compensation, with a minimum contribution of 1% of compensation required to participate.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 5% of each participant's contributions and 50% of the next 1% of the participant's contributions, up to a maximum match of 5.5% of compensation.

3. Vesting Schedule/Eligibility: Vesting in Linder's matching contribution is based on years of continuous service, where participants vest 25% each year and are fully vested after four years of credited service. Eligibility requires employees to be age nineteen or older and have completed sixty days of service.

4. Roth 401(k) Contribution: The plan will be amended effective January 1, 2024, to allow for after-tax contributions in the form of Roth deferrals.

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