NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match

How NORTHWAY BANK Supports Your Retirement Savings

NORTHWAY BANK provides retirement savings benefits through NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2025, the estimated average employee contribution amount per participant for NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN is $979.00. 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.
62,677.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 979.00 in NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2025, NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN allocates $319,281.00 to match its employees’ contributions, providing an employer match rate of 126.61% of their contributions

NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Estimated Average Employer Match

In 2025, the estimated average employer match for an employee in NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN is approximately $1,330.00
Investing in this additonal $1,330.00 for 20 years would give you extra $85,141.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Contribution & Match Policy

NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Plan Policies

NORTHWAY BANK 401(K) AND PROFIT SHARING PLAN Contribution, Match and Other Plan Policies

  • A participant may authorize the employer to withhold a percentage of their salary up to 100% of their compensation, subject to the maximum allowed by the Internal Revenue Service (IRS).
  • Participants may contribute on a pre-tax or Roth basis to the Plan.
  • The Plan has an automatic enrollment feature.
  • Employees are enrolled at a deferral rate of 3%, unless affirmative action is made to opt out.
  • The Plan also includes an auto-escalation provision increasing deferral percentages by 1% each Plan year until the participant’s deferral reaches 8%.
  • For the period ended March 31, 2025 and the years ended December 31, 2024 and 2023, the employer matching contribution is calculated as 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions.
  • Vesting schedule:
  • Less than 1 years: 0%

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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