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THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Contribution & Employer Match

THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Contribution & Employer Match

H.L. YOH COMPANY LLC provides the following retirement savings benefits to its employees:

THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES is $5,301.00

THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES is $652.00. 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.
41,770.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 652.00 in THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES, 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 THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES

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’.

THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Total Employer Contribution and Match Rate

In 2023, THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES allocates $2,986.00 to match its employees' contributions, providing an employer match rate of 0.05% of their contributions

THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES is approximately $0.00
Investing in this additonal $0.00 for 20 years would give you extra $23.00, assuming a 10% annual return.

THE 401(K) RETIREMENT SAVINGS PLAN FOR YOH CONTRACT EMPLOYEES Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute 1 percent to 75 percent of eligible compensation.

2. Employer Match/Contribution Conditions: The company contributions are limited to qualified non-elective contributions (QNEC’s) and discretionary profit sharing contributions. To be eligible for a QNEC, a participant must be 21 years of age, have completed six months of service, be employed on the last day of the year, and have made deferral contributions to the plan during the year. To be eligible for discretionary profit sharing contributions, the participant must be 21 years of age and have one year of service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their deferral or rollover contributions plus earnings, as well as company contributions plus earnings. To be eligible for QNEC contributions, participants must have completed six months of service. For discretionary profit sharing contributions, participants must have one year of service.

4. Roth 401(k) Contribution: The plan consists of a 401(k) pre-tax and Roth salary reduction feature.

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