ORNUA NORTH AMERICA 401(K) PLAN Contribution & Employer Match

ORNUA NORTH AMERICA 401(K) PLAN Contribution & Employer Match

ORNUA FOODS NORTH AMERICA, INC. provides the following retirement savings benefits to its employees:

ORNUA NORTH AMERICA 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ORNUA NORTH AMERICA 401(K) PLAN is $32,413.00

ORNUA NORTH AMERICA 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ORNUA NORTH AMERICA 401(K) PLAN is $4,133.00. 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.
264,558.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,133.00 in ORNUA NORTH AMERICA 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 ORNUA NORTH AMERICA 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’.

ORNUA NORTH AMERICA 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, ORNUA NORTH AMERICA 401(K) PLAN allocates $2,536,667.00 to match its employees' contributions, providing an employer match rate of 77.04% of their contributions

ORNUA NORTH AMERICA 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ORNUA NORTH AMERICA 401(K) PLAN is approximately $2,250.00
Investing in this additonal $2,250.00 for 20 years would give you extra $144,052.00, assuming a 10% annual return.

ORNUA NORTH AMERICA 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute to the Plan through regular payroll deductions, with an auto-enrollment provision setting the deferral rate at 4% of eligible compensation.

2. Employer Match/Contribution Conditions: The Company made non-elective safe harbor matching contributions, but no discretionary matching or profit sharing contributions were made during 2022.

3. Vesting Schedule/Eligibility: Participants are immediately fully vested in participant, rollover, and the Company's non-elective safe harbor matching contributions, plus actual earnings. The portion attributable to discretionary matching and profit sharing contributions becomes 33% vested after 1 year of service and continues to vest at a rate of 33% each successive year until fully vested after 3 years of service. Eligibility requires completion of thirty days of service, attaining age 18, employment on the last day of the Plan year, and completion of 1,000 hours of service for discretionary profit sharing contributions.

4. Roth 401(k) Contribution: Yes, the Plan allows for Roth contributions.

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