RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Contribution & Employer Match

RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Contribution & Employer Match

RITE-HITE HOLDING CORPORATION provides the following retirement savings benefits to its employees:

RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Average Participant Retirement Account Value

In 2021, the average participant retirement account value for RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST is $212,971.00

RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST is $5,980.00. 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.
382,780.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,980.00 in RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST, 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 RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST

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’.

RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Total Employer Contribution and Match Rate

In 2021, RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST allocates $16,600,240.00 to match its employees' contributions, providing an employer match rate of 141.97% of their contributions

RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST is approximately $8,491.00
Investing in this additonal $8,491.00 for 20 years would give you extra $543,434.00, assuming a 10% annual return.

RITE-HITE RETIREMENT SAVINGS PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of pretax annual compensation, with an automatic enrollment rate set at 4 percent of eligible compensation.

2. Employer Match/Contribution Conditions: The Company matches 50 percent of the first 4 percent of base compensation that a participant contributes to the Plan. For employees of SixSibs, the match is 100 percent of the first 4 percent.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and matching contributions. Vesting in the Company's profit sharing contribution is based on years of continuous service: 20 percent vested after two years and increasing in increments of 20 percent until 100 percent vested after six years.

4. Roth 401(k) Contribution: The plan allows for after-tax contributions into a Roth account.

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