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FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Contribution & Employer Match

FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Contribution & Employer Match

FOREMOST FARMS USA provides the following retirement savings benefits to its employees:

FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS is $36,567.00

FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS is $2,031.00. 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.
130,035.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,031.00 in FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS, 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 FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS

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’.

FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Total Employer Contribution and Match Rate

In 2023, FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS allocates $630,568.00 to match its employees' contributions, providing an employer match rate of 43.93% of their contributions

FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS is approximately $819.00
Investing in this additonal $819.00 for 20 years would give you extra $52,479.00, assuming a 10% annual return.

FOREMOST FARMS USA 401(K) PLAN AND TRUST FOR UNION MEMBERS Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum percentage as established within respective union contracts, starting with an automatic enrollment at a deferral percentage of 3% if no other election is made.

2. Employer Match/Contribution Conditions: The employer is required to contribute or match a defined percentage of participants’ annual compensation or elective contributions, based on the provisions contained within the respective union contracts.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all participant contributions and related Plan earnings. Company contributions vest as established within respective union contracts. Eligibility requires completion of 12 consecutive months of employment with at least 1,000 hours of service, or for certain locations, 6 consecutive months with at least 500 hours, or one continuous month for specific locations.

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