THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Contribution & Employer Match

THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Contribution & Employer Match

NORTH HIGHLAND ESOP HOLDINGS INC. provides the following retirement savings benefits to its employees:

THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN is $96,627.00

THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN is $5,814.00. 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.
372,102.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,814.00 in THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) 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 NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) 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 NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Total Employer Contribution and Match Rate

In 2021, THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN allocates $3,162,979.00 to match its employees' contributions, providing an employer match rate of 34.04% of their contributions

THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN is approximately $1,979.00
Investing in this additonal $1,979.00 for 20 years would give you extra $126,677.00, assuming a 10% annual return.

THE NORTH HIGHLAND COMPANY EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants in the 401(k) component of the Plan may contribute up to 100% of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The Company may make a discretionary matching contribution equal to the lesser of 3% of maximum eligible compensation or 50% of participant deferrals up to 6% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants in the 401(k) component are immediately and fully vested in their own contributions and the Company’s discretionary matching contribution. For the ESOP component, the vesting schedule is 20% after two years of service, increasing 20% each subsequent year until 100% after six years. Eligibility for the 401(k) component includes all employees with at least one hour of service.

4. Roth 401(k) contribution: Yes, participants are allowed to make Roth 401(k) deferrals to the Plan.

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