UNITED FIRE GROUP 401(K) PLAN Contribution & Employer Match
UNITED FIRE GROUP 401(K) PLAN Contribution & Employer Match
UNITED FIRE & CASUALTY COMPANY provides the following retirement savings benefits to its employees:
UNITED FIRE GROUP 401(K) PLAN Average Participant Retirement Account Value
UNITED FIRE GROUP 401(K) PLAN Estimated Average Employee Contribution Amount
488,496.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,632.00 in UNITED FIRE GROUP 401(K) 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 UNITED FIRE GROUP 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’.
UNITED FIRE GROUP 401(K) PLAN Total Employer Contribution and Match Rate
UNITED FIRE GROUP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $2,591.00 for 20 years would give you extra $165,845.00, assuming a 10% annual return.
UNITED FIRE GROUP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 15 percent of their salary to the plan.
2. Employer Match/Contribution Conditions: The Company matches 50 percent of the first 8 percent of employee contributions.
3. Vesting Schedule/Eligibility: Participants are 100 percent vested after 3 years of credited service for employer matching contributions and 2 years of credited service for discretionary contributions. Eligibility requires at least one hour of service and age of 21.
4. Roth 401(k) contribution: The plan allows Roth 401(k) contributions.
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