INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Contribution & Employer Match

INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Contribution & Employer Match

INTERNATIONAL FLAVORS & FRAGRANCES INC. provides the following retirement savings benefits to its employees:

INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN is $234,564.00

INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN is $16,444.00. 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.
1,052,426.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 16,444.00 in INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND 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 INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND 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’.

INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Total Employer Contribution and Match Rate

In 2023, INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN allocates $28,879,009.00 to match its employees' contributions, providing an employer match rate of 54.10% of their contributions

INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN is approximately $8,194.00
Investing in this additonal $8,194.00 for 20 years would give you extra $524,476.00, assuming a 10% annual return.

INTERNATIONAL FLAVORS & FRAGRANCES INC. RETIREMENT INVESTMENT FUND PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 50% of their annual base wages, before bonuses, overtime, and commissions, up to the maximum amount permitted under the Code.

2. Employer Match/Contribution Conditions: The Company matches 100% of the first 4% of the participant’s base compensation contributed and 75% of contributions over 4% up to 8% for certain eligible employees. For others, the Company matches 50% of the first 6% of contributions.

3. Vesting Schedule/Eligibility: Participants vest in the Company’s matching contribution after three years of continuous credited service. There are no specific eligibility requirements mentioned.

4. It allows Roth 401(k) contributions.

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