DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Contribution & Employer Match

DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Contribution & Employer Match

DOMINO FOODS, INC. provides the following retirement savings benefits to its employees:

DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN is $272,248.00

DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN is $6,521.00. 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.
417,374.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,521.00 in DOMINO FOODS INC. SAVINGS & INVESTMENT 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 DOMINO FOODS INC. SAVINGS & INVESTMENT 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’.

DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2021, DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN allocates $918,917.00 to match its employees' contributions, providing an employer match rate of 96.51% of their contributions

DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN is approximately $6,293.00
Investing in this additonal $6,293.00 for 20 years would give you extra $402,812.00, assuming a 10% annual return.

DOMINO FOODS INC. SAVINGS & INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 20% of their compensation.

2. Employer Match/Contribution Conditions: The employer matches 50% of the Tax Deferred Basic contributions made by each participant. Additionally, the employer may make a Capital Accumulation Contribution for eligible employees who have completed one year of service and are employed on the last day of the plan year or terminated on account of death, disability, or retirement.

3. Vesting Schedule/Eligibility: Employer matching contributions are 100% vested after one full year of service. The first 3% of Capital Accumulation Contributions are fully vested immediately, with remaining amounts 100% vested after three years of service. Employees are eligible for participation upon their date of employment.

4. It allows Roth 401(k) contribution.

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