BLUE FOUNDRY BANK 401(K) PLAN Contribution & Employer Match

How BLUE FOUNDRY BANK Supports Your Retirement Savings

BLUE FOUNDRY BANK provides retirement savings benefits through BLUE FOUNDRY BANK 401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

BLUE FOUNDRY BANK 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for BLUE FOUNDRY BANK 401(K) PLAN is $77,132.00

BLUE FOUNDRY BANK 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for BLUE FOUNDRY BANK 401(K) PLAN is $9,975.00. 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.
638,424.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,975.00 in BLUE FOUNDRY BANK 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in BLUE FOUNDRY BANK 401(K) PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

BLUE FOUNDRY BANK 401(K) PLAN Total Employer Contribution and Match Rate

In 2024, BLUE FOUNDRY BANK 401(K) PLAN allocates $766,344.00 to match its employees’ contributions, providing an employer match rate of 63.49% of their contributions

BLUE FOUNDRY BANK 401(K) PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in BLUE FOUNDRY BANK 401(K) PLAN is approximately $3,166.00
Investing in this additonal $3,166.00 for 20 years would give you extra $202,669.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

BLUE FOUNDRY BANK 401(K) PLAN Contribution & Match Policy

BLUE FOUNDRY BANK 401(K) PLAN Plan Policies

BLUE FOUNDRY BANK 401(K) PLAN Contribution, Match and Other Plan Policies

  • Participants are entitled to contribute to the Plan between 0% to 100%, subject to certain IRC limitations, of their eligible compensation, as defined in the Plan.
  • Contributions can be made on a pre-tax basis or after-tax (Roth) basis.
  • The limit on employee elective deferrals for 2024 is $23,000.
  • Upon meeting the eligibility requirements, participants are automatically enrolled in the Plan at a pre-tax deferral rate of 3% of eligible compensation, as defined, with annual increases of 1% up to a maximum rate of 6% of their eligible compensation, unless the participant elects otherwise.
  • A participant may make catch-up contributions, up to the maximum amount allowed by the IRC, if the maximum annual amount of regular contributions is made and the participant is age 50 or older.
  • The maximum allowable catch-up contribution for 2024 was $7,500.
  • The Bank contributes safe harbor matching contributions to the Plan equal to 100% of a participant’s deferrals that do not exceed 4% of their eligible compensation and 50% of their deferrals that exceed 4% but not 6% of their eligible compensation, for a maximum Bank match of 5.0%.
  • Vesting schedule for Bank matching contributions made prior to April 1, 2021: 1 year: 25% 2 years: 50% 3 years: 100% Bank discretionary profit sharing contributions: 3 years: 100% Participants shall become 100% vested if he or she terminates employment on or after he or she attains normal retirement age, as defined as age 65, or as a result of his or her death or disability.
  • In addition, in the event of Plan termination or partial termination as defined under ERISA, as well as a rollover into a new Plan, participants shall become 100% vested.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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