THE HOURLY 401(K) SAVINGS PLAN Contribution & Employer Match

THE HOURLY 401(K) SAVINGS PLAN Contribution & Employer Match

STANDEX INTERNATIONAL CORPORATION provides the following retirement savings benefits to its employees:

THE HOURLY 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE HOURLY 401(K) SAVINGS PLAN is $19,521.00

THE HOURLY 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE HOURLY 401(K) SAVINGS PLAN is $1,004.00. 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.
64,296.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,004.00 in THE HOURLY 401(K) 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 THE HOURLY 401(K) 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’.

THE HOURLY 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE HOURLY 401(K) SAVINGS PLAN allocates $531,974.00 to match its employees' contributions, providing an employer match rate of 51.66% of their contributions

THE HOURLY 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE HOURLY 401(K) SAVINGS PLAN is approximately $509.00
Investing in this additonal $509.00 for 20 years would give you extra $32,580.00, assuming a 10% annual return.

THE HOURLY 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100% of pre-tax or after-tax “Roth” annual compensation.

2. Employer Match/Contribution Conditions: The Company may match participant contributions for eligible employees or make discretionary profit sharing contributions. Participants employed at the Standex Electronics division receive a fixed employer contribution of 1% of plan compensation; participants at the Custom Hoists division receive 2%. Those at Mold-Tech, Tenibac-Graphion, and Standex Engraving Admin can receive employer contributions equal to 100% of participant deferrals up to 3% of compensation. Participants at certain divisions receive matching contributions of 50% of participant deferrals up to a maximum of 3% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and employer contributions, with some employer contributions subject to a five-year or six-year graded vesting schedule depending on the division. Full vesting occurs immediately upon death, total and permanent disability, or attainment of normal retirement age.

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

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