GROWMARK 401(K) PLAN Contribution & Employer Match

How GROWMARK, INC. Supports Your Retirement Savings

GROWMARK, INC. provides retirement savings benefits through GROWMARK 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.

GROWMARK 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for GROWMARK 401(K) PLAN is $83,756.00

GROWMARK 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for GROWMARK 401(K) PLAN is $4,194.00. 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.
268,431.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,194.00 in GROWMARK 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in GROWMARK 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.

GROWMARK 401(K) PLAN Total Employer Contribution and Match Rate

In 2024, GROWMARK 401(K) PLAN allocates $1,711,380.00 to match its employees’ contributions, providing an employer match rate of 12.05% of their contributions

GROWMARK 401(K) PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in GROWMARK 401(K) PLAN is approximately $500.00
Investing in this additonal $500.00 for 20 years would give you extra $32,035.00, 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.

GROWMARK 401(K) PLAN Contribution & Match Policy

GROWMARK 401(K) PLAN Plan Policies

GROWMARK 401(K) PLAN Contribution, Match and Other Plan Policies

  • Employees are automatically enrolled at 5% pre-tax.
  • Employees may elect not to participate within 45 days of the beginning eligibility period.
  • Participants who are automatically enrolled will have their deferral percentage automatically increased annually by 1% of compensation up to a maximum deferral percentage of 10% of compensation unless those participants request that such automatic increases cease.
  • An individual’s salary reduction may not exceed 75% of compensation (as defined by the Plan), determined annually.
  • Participants may elect to designate a portion of their contributions as pre-tax and/or a portion as Roth contributions.
  • The maximum allowable annual contribution (excluding catch-up contributions) is $23,000 per employee for 2024 (adjusted for inflation in future years, as provided by Internal Revenue Service (IRS) regulations).
  • Participants age 50 or older, who are making contributions to the Plan, are allowed to make catch-up contributions.
  • The Plan is funded by: (1) salary reduction contributions, on behalf of participants, (2) Employer matching contributions at the rate of 50% of employee contributions, up to a maximum of $1,000 annually per employee, who are employed on the last day of the Plan year (seasonal employees are excluded from Employer matching), (3) Employer profit sharing contributions, and (4) supplemental contributions as determined by the GROWMARK Board of Directors, if any.

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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