SMITH MECHANICAL 401(K) PROFIT SHARING PLAN Contribution & Employer Match

How SMITH MECHANICAL Supports Your Retirement Savings

SMITH MECHANICAL provides retirement savings benefits through SMITH MECHANICAL 401(K) PROFIT SHARING PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

SMITH MECHANICAL 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for SMITH MECHANICAL 401(K) PROFIT SHARING PLAN is $22,460.00

SMITH MECHANICAL 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for SMITH MECHANICAL 401(K) PROFIT SHARING PLAN is $1,143.00. 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.
73,180.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,143.00 in SMITH MECHANICAL 401(K) PROFIT SHARING PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in SMITH MECHANICAL 401(K) PROFIT SHARING PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

SMITH MECHANICAL 401(K) PROFIT SHARING PLAN Contribution & Match Policy

SMITH MECHANICAL 401(K) PROFIT SHARING PLAN Plan Policies

SMITH MECHANICAL 401(K) PROFIT SHARING PLAN Contribution, Match and Other Plan Policies

  • For the year ended December 31, 2024, participants may contribute the lesser of 100% of their eligible compensation or $23,000, or $30,500 if the participant was over 50 years of age by the year-end, as defined in the Plan.
  • The participant is eligible to receive matching contributions from the employer based on the participant’s elective deferrals.
  • The match is discretionary and is predetermined by the employer each year.
  • To be eligible for matching contributions, the employee must make elective deferrals.
  • The participant must have worked a minimum of 1,000 hours, and be employed by the Employer as of the last day of the Plan year in order to be eligible for company matching contributions for that year unless the participant separates from service after becoming disabled, attaining normal retirement age, or dies during the Plan year.
  • The Company did not make matching contributions for the year ended December 31, 2024.
  • Participants are vested immediately on their contributions plus actual earnings thereon.
  • Vesting in employer matching profit sharing contributions are based on years of continuous service.
  • A participant is 100% vested after five years of credited service and/or when the participant reaches normal retirement age, becomes disabled, or dies.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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