FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Contribution & Employer Match

FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Contribution & Employer Match

FIRST AMERICAN FINANCIAL CORPORATION provides the following retirement savings benefits to its employees:

FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN is $123,881.00

FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN is $6,033.00. 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.
386,141.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,033.00 in FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS 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 FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS 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’.

FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN allocates $32,221,644.00 to match its employees' contributions, providing an employer match rate of 30.34% of their contributions

FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN is approximately $1,758.00
Investing in this additonal $1,758.00 for 20 years would give you extra $112,521.00, assuming a 10% annual return.

FIRST AMERICAN FINANCIAL CORPORATION 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: 1% to 60% or, for highly compensated participants, from 1% to 15% of their annual compensation.

2. Employer Match/Contribution Conditions: For every $1.00 contributed by eligible participants up to 4% of eligible pay, the Company made matching contributions of $0.75 during 2022 and $1.50 during 2021.

3. Vesting Schedule/Eligibility: New participants are required to complete two years of service to become fully vested in all previous and future employer contributions. Immediate vesting occurs in all Company contributions in the event of a participant’s death, disability, or retirement on or after the normal retirement age.

4. Roth 401(k) contribution: Roth In-Plan Conversion is available on after-tax amounts.

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