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SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Employer Match

SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Employer Match

SIGNAL HILL PETROLEUM, INC. provides the following retirement savings benefits to its employees:

SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN is $177,577.00

SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN is $7,782.00. 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.
498,111.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,782.00 in SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN, 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 SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN

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’.

SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN allocates $671,978.00 to match its employees' contributions, providing an employer match rate of 69.07% of their contributions

SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN is approximately $5,249.00
Investing in this additonal $5,249.00 for 20 years would give you extra $335,989.00, assuming a 10% annual return.

SIGNAL HILL PETROLEUM, INC. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their pre-tax annual compensation and may elect to make after-tax (Roth) contributions of up to 100% of eligible compensation.

2. Employer Match/Contribution Conditions: The Company matches 100% of up to 6% of the participant’s base salary. The Company may also make discretionary matching contributions and profit-sharing contributions.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately. For the Company’s contributions, a participant is 100% vested after six years of credited service. To be eligible for the profit-sharing contribution, participants must complete 1,000 hours of service and be employed with the Company at the end of the plan year, unless termination is due to death, disability, or retirement.

4. Roth 401(k) contribution: Yes, the plan allows Roth 401(k) contributions.

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