WELLPOWER HOURLY 401(K) PLAN Contribution & Employer Match

WELLPOWER HOURLY 401(K) PLAN Contribution & Employer Match

MOTREX LLC provides the following retirement savings benefits to its employees:

WELLPOWER HOURLY 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WELLPOWER HOURLY 401(K) PLAN is $17,210.00

WELLPOWER HOURLY 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WELLPOWER HOURLY 401(K) PLAN is $929.00. 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.
59,486.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 929.00 in WELLPOWER HOURLY 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 WELLPOWER HOURLY 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’.

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

In 2023, WELLPOWER HOURLY 401(K) PLAN allocates $96,850.00 to match its employees' contributions, providing an employer match rate of 28.74% of their contributions

WELLPOWER HOURLY 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WELLPOWER HOURLY 401(K) PLAN is approximately $258.00
Investing in this additonal $258.00 for 20 years would give you extra $16,529.00, assuming a 10% annual return.

WELLPOWER HOURLY 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 15% of their eligible before-tax earnings to the Plan, generally subject to a maximum of $20,500 in 2022, plus an additional $6,500 for employees who have attained age 50.

2. Employer Match/Contribution Conditions: For all participants except those at the Frankfort location, the Plan Sponsor may make a matching contribution in an amount equal to at least 10% but not in excess of 99% of the participant’s contribution, to the extent their contributions do not exceed 6% of the participant’s compensation. For the year ended December 31, 2022, the Plan Sponsor elected to match between 30% and 40% of the participants' contributions, which vary by location.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings and losses thereon. Participants vest 20% per year in the Plan Sponsor matching contributions and are fully vested after 5 years of service. Union employees of the Company become eligible to join the Plan on the first day of the month following completion of one full calendar month of employment.

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