What are the investment options in BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN?

MyPlanIQ tracks the investment lineup for BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN on its investment options page: https://www.myplaniq.com/invest/planinvestments/boilermakers-local-no-85-defined-contribution-retirement-plan/

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Q: What is BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN's employer match?

In 2024, BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN reported $1,555,516 in employer contributions.

Q: How many participants are in BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN?

At the end of 2024, BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN reported 1,721 plan participants.

Q: What are BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN's total assets?

At the end of 2024, BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN reported total plan assets of $4,026,277.

BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN

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Contribution & Savings

BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for BOILERMAKERS LOCAL NO. 85 DEFINED CONTRIBUTION RETIREMENT PLAN is $2,339.00

2023 & 2024 401(k) contribution limits by IRS

	Pretax and roth employee contributions	Employee and employer contributions combined	Catch-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.

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