GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN Contribution & Employer Match

GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN Contribution & Employer Match

GROWMARK, INC. provides the following retirement savings benefits to its employees:

GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN is $40,133.00

GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN is $2,687.00. 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.
172,006.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,687.00 in GROWMARK MEMBER COOPERATIVE 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 GROWMARK MEMBER COOPERATIVE 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’.

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

In 2023, GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN allocates $5,849,347.00 to match its employees' contributions, providing an employer match rate of 21.97% of their contributions

GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN is approximately $574.00
Investing in this additonal $574.00 for 20 years would give you extra $36,784.00, assuming a 10% annual return.

GROWMARK MEMBER COOPERATIVE 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees are automatically enrolled at 5% pre-tax contributions, with a maximum deferral percentage of 10% of compensation.

2. Employer Match/Contribution Conditions: The employer matches contributions at a percent of employee contributions, up to a maximum annual amount per eligible employee. Employees must be nonseasonal and employed on the last day of the Plan year.

3. Vesting Schedule/Eligibility: Voluntary contributions of participants are fully vested at all times. Employer contributions are vested at all times unless the employer elects a graduated vesting schedule with 100% vesting occurring at five or six years of service or cliff vesting after 2 years of service. Eligible employees become participants on the first day of the first full payroll immediately after or coincident with their hire date.

4. Roth 401(k) Contribution: Participants may elect to designate a portion of their contributions as Roth contributions.

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