PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Contribution & Employer Match

PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Contribution & Employer Match

PACKAGING CORPORATION OF AMERICA provides the following retirement savings benefits to its employees:

PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES is $83,954.00

PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES is $4,748.00. 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.
303,932.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,748.00 in PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES, 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 PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES

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’.

PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Total Employer Contribution and Match Rate

In 2023, PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES allocates $51,204,926.00 to match its employees' contributions, providing an employer match rate of 99.86% of their contributions

PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES is approximately $3,753.00
Investing in this additonal $3,753.00 for 20 years would give you extra $240,204.00, assuming a 10% annual return.

PACKAGING CORPORATION OF AMERICA THRIFT PLAN FOR HOURLY EMPLOYEES Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to $20,500 for employees under age 50 and $27,000 for employees age 50 and older.

2. Employer Match/Contribution Conditions: The employer matches employee contributions based on an amount detailed in each location’s Special Appendix. Additionally, a retirement savings contribution of up to 6.5% of compensation is made on behalf of employees regardless of their contributions.

3. Vesting Schedule/Eligibility: Participants are 100% vested immediately in their contributions. The Company’s matching contributions and retirement savings contributions vest according to a specified rate in the location's Special Appendix. Participants become 100% vested upon reaching age 65 or upon termination of employment due to death or permanent disability.

4. Roth 401(k) Contribution: Participants may make Roth contributions to the Plan.

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