PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Contribution & Employer Match

PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Contribution & Employer Match

BOARD OF TRUSTEES PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL provides the following retirement savings benefits to its employees:

PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL is $136,514.00

PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL is $3,035.00. 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.
194,275.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,035.00 in PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL, 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 PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL

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’.

PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Total Employer Contribution and Match Rate

In 2023, PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL allocates $629,395.00 to match its employees' contributions, providing an employer match rate of 147.05% of their contributions

PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL is approximately $4,340.00
Investing in this additonal $4,340.00 for 20 years would give you extra $277,801.00, assuming a 10% annual return.

PLUMBERS LOCAL 360 PENSION PLAN SUPPLEMENTAL Contribution & Match Policy

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