THE SHYFT GROUP RETIREMENT PLAN Contribution & Employer Match

How THE SHYFT GROUP, INC. Supports Your Retirement Savings

THE SHYFT GROUP, INC. provides retirement savings benefits through THE SHYFT GROUP RETIREMENT 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 SHYFT GROUP RETIREMENT PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for THE SHYFT GROUP RETIREMENT PLAN is $27,783.00

THE SHYFT GROUP RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for THE SHYFT GROUP RETIREMENT PLAN is $2,979.00. 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.
190,700.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,979.00 in THE SHYFT GROUP RETIREMENT PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in THE SHYFT GROUP RETIREMENT 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 SHYFT GROUP RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2024, THE SHYFT GROUP RETIREMENT PLAN allocates $2,970,823.00 to match its employees’ contributions, providing an employer match rate of 29.66% of their contributions

THE SHYFT GROUP RETIREMENT PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in THE SHYFT GROUP RETIREMENT PLAN is approximately $755.00
Investing in this additonal $755.00 for 20 years would give you extra $48,355.00, 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 SHYFT GROUP RETIREMENT PLAN Contribution & Match Policy

THE SHYFT GROUP RETIREMENT PLAN Plan Policies

THE SHYFT GROUP RETIREMENT PLAN Contribution, Match and Other Plan Policies

  • Each year, the participants may elect to contribute up to 60% of pretax annual compensation, as defined in the Plan agreement, limited to the maximum amount allowed by the Internal Revenue Service.
  • Newly eligible employees automatically defer 3% of their compensation, and that deferral is automatically escalated by 1% per year up to a maximum of 10%, unless they elect a contrary salary reduction or increase or elect not to participate.
  • Participants may elect to make Roth deferral contributions.
  • In 2024, the Company match was 50% of the participant’s contribution up to 6% of eligible compensation.
  • Vesting schedule: 20% per year until the participant has reached five years of credited service, at which time the participant is 100% vested.
  • A participant is entitled to 100% of his or her total account balance upon retirement, death, or disability regardless of years of service, provided he or she is an employee.

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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