SONOCO RETIREMENT & SAVINGS PLAN Contribution & Employer Match
SONOCO RETIREMENT & SAVINGS PLAN Contribution & Employer Match
SONOCO PRODUCTS COMPANY provides the following retirement savings benefits to its employees:
SONOCO RETIREMENT & SAVINGS PLAN Average Participant Retirement Account Value
SONOCO RETIREMENT & SAVINGS PLAN Estimated Average Employee Contribution Amount
314,807.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,918.00 in SONOCO RETIREMENT & SAVINGS PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 SONOCO RETIREMENT & 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’.
SONOCO RETIREMENT & SAVINGS PLAN Total Employer Contribution and Match Rate
SONOCO RETIREMENT & SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,385.00 for 20 years would give you extra $216,665.00, assuming a 10% annual return.
SONOCO RETIREMENT & SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of eligible gross pay.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 6% of a non-union participant’s pre-tax and/or Roth contributions.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and employer matching contributions. For union participants, vesting in employer contributions occurs after completing a minimum of three to four years of service, as specified by the union contract. 100% vesting occurs after three years of service or upon reaching age 55.
4. Yes, it allows Roth 401(k) contributions.
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