DRAKE EMPLOYEE SAVINGS PLAN Contribution & Employer Match

How DRAKE OFFICE OVERLOAD, INC. Supports Your Retirement Savings

DRAKE OFFICE OVERLOAD, INC. provides retirement savings benefits through DRAKE EMPLOYEE SAVINGS 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.

DRAKE EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for DRAKE EMPLOYEE SAVINGS PLAN is $20,301.00

DRAKE EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for DRAKE EMPLOYEE SAVINGS PLAN is $3,650.00. 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.
233,617.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,650.00 in DRAKE EMPLOYEE SAVINGS PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in DRAKE EMPLOYEE SAVINGS 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.

DRAKE EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2024, DRAKE EMPLOYEE SAVINGS PLAN allocates $381,057.00 to match its employees’ contributions, providing an employer match rate of 49.47% of their contributions

DRAKE EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in DRAKE EMPLOYEE SAVINGS PLAN is approximately $1,530.00
Investing in this additonal $1,530.00 for 20 years would give you extra $97,942.00, 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.

DRAKE EMPLOYEE SAVINGS PLAN Contribution & Match Policy

DRAKE EMPLOYEE SAVINGS PLAN Plan Policies

DRAKE EMPLOYEE SAVINGS PLAN Contribution, Match and Other Plan Policies

  • Participants may make voluntary salary reductions (participant contributions) up to the maximum amount allowed by the IRS.
  • For 2024 this deferral limit was $23,000.
  • Participants may also rollover amounts from other qualified plans.
  • Participants over the age of 50 are eligible for catch up contributions.
  • Employees who become eligible participants on or after the effective date will be automatically enrolled into the Plan at 6% of eligible Plan compensation unless these participants make an affirmative election not to participate.
  • These automatic deferral provisions also apply to all existing participants, except those who have made an affirmative election that is equal to at least 6%.
  • This deferral rate will increase by 1% annually, up to a maximum of 11%.
  • The Company provides safe harbor matching contributions under a basic matching contribution formula equal to 100% up to the first 3% of salary deferred and 50% of the next 2% of salary deferred from its participants.
  • The Company may make discretionary matching contributions to the Plan, an amount the Company in its sole discretion may determine but not to exceed 6% of eligible Plan compensation.
  • Upon entry into the Plan, participants are 100 percent vested in their salary deferral contributions, rollover contributions, safe-harbor contributions, qualified nonelective contributions, and earnings thereon. Vesting for the discretionary matching contributions, discretionary profit sharing contributions, and earnings thereon is based on years of service as follows: Years of Service Vesting
  • Less than 2 years: 0%
  • 2-3 years: 20%
  • 3-4 years: 40%
  • 4-5 years: 60%
  • 5-6 years: 80%
  • 6+ years: 100%

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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