THE EASTERN, VELVAC & BIG 3 401(K) PLAN Contribution & Employer Match

How THE EASTERN COMPANY Supports Your Retirement Savings

THE EASTERN COMPANY provides retirement savings benefits through THE EASTERN, VELVAC & BIG 3 401(K) 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.

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for THE EASTERN, VELVAC & BIG 3 401(K) PLAN is $78,721.00

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for THE EASTERN, VELVAC & BIG 3 401(K) PLAN is $7,862.00. 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.
503,217.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,862.00 in THE EASTERN, VELVAC & BIG 3 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in THE EASTERN, VELVAC & BIG 3 401(K) 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.

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Total Employer Contribution and Match Rate

In 2024, THE EASTERN, VELVAC & BIG 3 401(K) PLAN allocates $1,586,319.00 to match its employees’ contributions, providing an employer match rate of 58.14% of their contributions

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in THE EASTERN, VELVAC & BIG 3 401(K) PLAN is approximately $2,285.00
Investing in this additonal $2,285.00 for 20 years would give you extra $146,288.00, assuming a 10% annual return.

* 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.

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Contribution & Match Policy

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Plan Policies

THE EASTERN, VELVAC & BIG 3 401(K) PLAN Contribution, Match and Other Plan Policies

  • Participants may contribute any portion of their compensation up to the maximum allowed by the Internal Revenue Code (IRC).
  • Effective June 1, 2016, the Company instituted automatic enrollment whereby all new participants to the Plan would automatically be enrolled for 3% of eligible compensation on the 1st of the month following completion six months of employment.
  • Employees have the ability to opt out of automatic enrollment.
  • Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
  • Effective June 1, 2016, the Plan was amended to increase the Company match to 50% of the first 6% of eligible compensation, up to a maximum of 3% of eligible compensation.
  • Participants are immediately vested in their voluntary contributions.
  • Vesting in the Company contribution portion of their accounts plus actual earnings thereon is based on years of continuous service.
  • A participant is 20% vested after two years of credited service, 40% vested after three years, 60% vested after four years and 100% vested after five years.
  • Effective April 1, 2023, vesting in the Nonelective and Matching Company Contribution portion of participant accounts plus actual earnings thereon is based on years of continuous service.
  • A participant is 20% vested after one year of credited service, 40% vested after two years, and 100% vested after three years.
  • The Safe Harbor match is 100% vested after two years of service.

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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