BERKSHIRE BANK 401(K) PLAN Contribution & Employer Match
How BERKSHIRE BANK Supports Your Retirement Savings
BERKSHIRE BANK provides retirement savings benefits through BERKSHIRE BANK 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.
BERKSHIRE BANK 401(K) PLAN Average Participant Retirement Account Value
BERKSHIRE BANK 401(K) PLAN Estimated Average Employee Contribution Amount
270,642.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,228.00 in BERKSHIRE BANK 401(K) PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in BERKSHIRE BANK 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.
BERKSHIRE BANK 401(K) PLAN Total Employer Contribution and Match Rate
BERKSHIRE BANK 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,873.00 for 20 years would give you extra $119,921.00, 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.
BERKSHIRE BANK 401(K) PLAN Contribution & Match Policy
BERKSHIRE BANK 401(K) PLAN Contribution, Match and Other Plan Policies
- Each year, participants may contribute a percent of pretax annual compensation, excluding certain types of restricted compensation, subject to certain limitations as defined by the Plan and the Internal Revenue Code ("IRC").
- The maximum participant deferral was $23,000 and $22,500 for the Plan years ended December 31, 2024 and 2023, respectively.
- In addition, all employees who are eligible to make salary reductions under the Plan and who have attained age 50 before the close of the Plan year are eligible to make catch-up contributions, as defined by the Economic Growth and Tax Relief Reconciliation Act of 2001.
- During 2024 and 2023, the Bank matched 100% of eligible employee contributions up to 4% of the participant’s pretax annual compensation.
- Participants are 100% vested in all contributions plus actual earnings thereon.
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:
| 2024 | 2025 | |
|---|---|---|
| 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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