What is FIRST BANK UPPER MICHIGAN DEF COMP P/S's employer match?

In 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S reported $409,108 in employer contributions. That is about 59.5% of reported employee contributions.

How many participants are in FIRST BANK UPPER MICHIGAN DEF COMP P/S?

At the end of 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S reported 190 plan participants.

What are FIRST BANK UPPER MICHIGAN DEF COMP P/S's total assets?

At the end of 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S reported total plan assets of $29,013,633.

When was FIRST BANK UPPER MICHIGAN DEF COMP P/S established?

FIRST BANK UPPER MICHIGAN DEF COMP P/S was established in 1988.

What are the investment options in FIRST BANK UPPER MICHIGAN DEF COMP P/S?

MyPlanIQ tracks the investment lineup for FIRST BANK UPPER MICHIGAN DEF COMP P/S on its investment options page: https://www.myplaniq.com/invest/planinvestments/first-bank-upper-michigan-def-comp-ps/

FIRST BANK UPPER MICHIGAN DEF COMP P/S Contribution & Employer Match

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How FIRST BANK UPPER MICHIGAN Supports Your Retirement Savings

FIRST BANK UPPER MICHIGAN provides retirement savings benefits through FIRST BANK UPPER MICHIGAN DEF COMP P/S. 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.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Average Participant Retirement Account Value

In 2024, the average participant retirement account value for FIRST BANK UPPER MICHIGAN DEF COMP P/S is $152,703.00

FIRST BANK UPPER MICHIGAN DEF COMP P/S Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for FIRST BANK UPPER MICHIGAN DEF COMP P/S is $3,631.00. 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.
232,407.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,631.00 in FIRST BANK UPPER MICHIGAN DEF COMP P/S, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in FIRST BANK UPPER MICHIGAN DEF COMP P/S

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.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Total Employer Contribution and Match Rate

In 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S allocates $409,108.00 to match its employees’ contributions, providing an employer match rate of 59.45% of their contributions

FIRST BANK UPPER MICHIGAN DEF COMP P/S Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in FIRST BANK UPPER MICHIGAN DEF COMP P/S is approximately $2,153.00
Investing in this additonal $2,153.00 for 20 years would give you extra $137,804.00, 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.

FIRST BANK UPPER MICHIGAN DEF COMP P/S Contribution & Match Policy

FIRST BANK UPPER MICHIGAN DEF COMP P/S Plan Policies

FIRST BANK UPPER MICHIGAN DEF COMP P/S Contribution, Match and Other Plan Policies

Each year, participants may elect to contribute up to 100% of their compensation, not to exceed the maximum contribution allowable by the Internal Revenue Code (IRC) adjusted annually for the cost-of-living changes.
There is no minimum elective deferral limit for the Plan.
Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
The Plan also allows Roth deferrals.
The Plan includes an eligible automatic contribution arrangement whereby all eligible employees are automatically enrolled in the Plan, unless they affirmatively elect not to participate, to contribute 3% of eligible compensation during the first year, increasing by 1% annually up to the maximum automatic rate of 10%.

The matching contributions are equal to 50% of the first 6% of eligible compensation that a participant contributes to the Plan.

Participants are immediately 100% vested in their deferral contributions plus actual earnings thereon.
Vesting in Employer matching and discretionary profit sharing contributions plus actual earnings thereon is based on a 6-year graded vesting schedule where a participant works at least 1,000 hours each year.
Participants also become 100% vested upon death or disability.

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:

	2024	2025
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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