DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Contribution & Employer Match
DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Contribution & Employer Match
DAIRY FARMERS OF AMERICA, INC. provides the following retirement savings benefits to its employees:
DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Average Participant Retirement Account Value
DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Estimated Average Employee Contribution Amount
251,143.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,924.00 in DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN, assuming a 10%* annual return.
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.
Employer match in DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS 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’.
DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Total Employer Contribution and Match Rate
DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,276.00 for 20 years would give you extra $209,676.00, assuming a 10% annual return.
DAIRY FARMERS OF AMERICA, INC. SUPER SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of 50% of their compensation.
2. Employer Match/Contribution Conditions: The employer matches 50% of the participant’s contributions, not to exceed 6% of the participant’s compensation.
3. Vesting Schedule/Eligibility: Employer matching contributions vest in 20% increments, with 20% vested after one year and 100% vested after 5 years of service. The employer service-based contributions become 100% vested after 3 years of service. Eligibility requires immediate participation upon employment; seasonal or temporary employees must complete a year of service.
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