FUJI VEGETABLE OIL, INC. 401(K) PLAN Contribution & Employer Match

FUJI VEGETABLE OIL, INC. 401(K) PLAN Contribution & Employer Match

FUJI VEGETABLE OIL, INC. provides the following retirement savings benefits to its employees:

FUJI VEGETABLE OIL, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FUJI VEGETABLE OIL, INC. 401(K) PLAN is $122,435.00

FUJI VEGETABLE OIL, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FUJI VEGETABLE OIL, INC. 401(K) PLAN is $6,120.00. 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.
391,706.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,120.00 in FUJI VEGETABLE OIL, INC. 401(K) 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 FUJI VEGETABLE OIL, INC. 401(K) 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’.

FUJI VEGETABLE OIL, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FUJI VEGETABLE OIL, INC. 401(K) PLAN allocates $1,921,777.00 to match its employees' contributions, providing an employer match rate of 167.91% of their contributions

FUJI VEGETABLE OIL, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FUJI VEGETABLE OIL, INC. 401(K) PLAN is approximately $8,541.00
Investing in this additonal $8,541.00 for 20 years would give you extra $546,638.00, assuming a 10% annual return.

FUJI VEGETABLE OIL, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 90% of their gross compensation, not to exceed $20,500 for the years ended December 31, 2022, and 2021. Participants age 50 or older may contribute an additional $6,500 catch-up amount for both years.

2. Employer Match/Contribution Conditions: The Company made a safe harbor contribution of 3% and an additional 9.5% contribution of eligible employee wages to participant accounts in 2022 and 2021.

3. Vesting Schedule/Eligibility: Participants are 100% vested immediately in accounts attributable to elective deferrals, safe harbor contributions, and rollover contributions. Vesting in the Company's additional contribution portion of participant accounts is based on years of service: 100% after three years of service for those hired before September 1, 2016; and for those hired after, 100% after five years of service.

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