NORTHWEST BANK 401(K) PLAN Contribution & Employer Match
How NORTHWEST BANK Supports Your Retirement Savings
NORTHWEST BANK provides retirement savings benefits through NORTHWEST 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.
NORTHWEST BANK 401(K) PLAN Average Participant Retirement Account Value
NORTHWEST BANK 401(K) PLAN Estimated Average Employee Contribution Amount
187,645.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,931.00 in NORTHWEST BANK 401(K) PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in NORTHWEST 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.
NORTHWEST BANK 401(K) PLAN Total Employer Contribution and Match Rate
NORTHWEST BANK 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,384.00 for 20 years would give you extra $88,603.00, 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.
NORTHWEST BANK 401(K) PLAN Contribution & Match Policy
NORTHWEST BANK 401(K) PLAN Contribution, Match and Other Plan Policies
- Each year, participants may voluntarily contribute up to the maximum percentage of compensation and dollar amount limits as allowed under Internal Revenue Code (IRC) Section 402(g), not to exceed certain annual limitations established by the Internal Revenue Service (IRS) ($23,000 for 2024 and $22,500 for 2023).
- Participants of the Plan who are or will be 50 years old by the Plan year-end may elect to defer a catch-up contribution in excess of this limit.
- The maximum catch-up contribution allowable by the IRS was $7,500 for 2024 and 2023.
- Participants may designate all or a portion of their deferral contributions as after-tax contributions into a Roth account.
- Participants may also contribute amounts representing distributions from other qualified retirement plans (rollovers).
- The Bank matches 100% of the first 4% of the eligible bi-weekly compensation that an eligible participant contributes to the Plan.
- As of January 1, 2017, participants became immediately vested in their contributions and the Bank’s matching and discretionary contributions plus actual earnings thereon.
- Participants become fully vested in Bank contributions made prior to 2017 after six years of continuous services at a graded rate of 20% per year beginning in year two.
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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