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RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Contribution & Employer Match

RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Contribution & Employer Match

HOOSIER ENERGY REC, INC. provides the following retirement savings benefits to its employees:

RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. is $154,997.00

RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. is $7,124.00. 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.
455,960.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,124.00 in RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC., 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 RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC.

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’.

RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Total Employer Contribution and Match Rate

In 2023, RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. allocates $1,222,322.00 to match its employees' contributions, providing an employer match rate of 40.56% of their contributions

RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. is approximately $3,086.00
Investing in this additonal $3,086.00 for 20 years would give you extra $197,546.00, assuming a 10% annual return.

RETIREMENT SAVINGS PLAN OF HOOSIER ENERGY REC, INC. Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute based on eligible compensation not to exceed the maximum elective deferral established by the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: For non-union employees, the employer matches 100% on the first 3% of elective deferral, then 50% on the next 2%. Union employees are matched at 100% on the first 3% then 50% on the next 2% of elective deferral.

3. Vesting Schedule/Eligibility: A participant’s account is 100% vested and non-forfeitable at all times. Eligible employees must be 18 years of age and can participate on the first day of employment.

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