NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Contribution & Employer Match

NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Contribution & Employer Match

NORTHFIELD BANK provides the following retirement savings benefits to its employees:

NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NORTHFIELD BANK EMPLOYEE SAVINGS PLAN is $66,146.00

NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NORTHFIELD BANK EMPLOYEE SAVINGS PLAN is $5,026.00. 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.
321,692.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,026.00 in NORTHFIELD BANK EMPLOYEE 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 NORTHFIELD BANK EMPLOYEE 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’.

NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, NORTHFIELD BANK EMPLOYEE SAVINGS PLAN allocates $633,149.00 to match its employees' contributions, providing an employer match rate of 26.22% of their contributions

NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NORTHFIELD BANK EMPLOYEE SAVINGS PLAN is approximately $1,271.00
Investing in this additonal $1,271.00 for 20 years would give you extra $81,368.00, assuming a 10% annual return.

NORTHFIELD BANK EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 0% to 100% of their salary, subject to certain IRS limitations.

2. Employer Match/Contribution Conditions: The employer matches a portion of the employee contributions after one year of credited service. For employees with less than three years of service, the employer contributes an amount equal to one-quarter of the employee contributions up to the first 6% of compensation. For employees with three or more years of service, the employer contributes an amount equal to one-half of the employee contributions up to the first 6% of compensation.

3. Vesting Schedule/Eligibility: The vesting schedule for employer matching contributions is as follows:

4. - Less than 1 year: 0%

5. - 1 year: 20%

6. - 2 years: 40%

7. - 3 years: 60%

8. - 4 years: 80%

9. - 5 years or more: 100%

10. Eligibility requires employees to be at least 18 years of age with one month of credited service and to be salaried or hourly paid employees eligible for the Bank's health benefits.

11. It allows Roth 401(k) contribution.

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