INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Contribution & Employer Match

INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Contribution & Employer Match

INDIANA FARMERS MUTUAL INSURANCE COMPANY provides the following retirement savings benefits to its employees:

INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST is $184,978.00

INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST is $5,837.00. 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.
373,575.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,837.00 in INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST, 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 INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST

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’.

INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Total Employer Contribution and Match Rate

In 2023, INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST allocates $2,000,762.00 to match its employees' contributions, providing an employer match rate of 143.12% of their contributions

INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST is approximately $7,971.00
Investing in this additonal $7,971.00 for 20 years would give you extra $510,154.00, assuming a 10% annual return.

INDIANA FARMERS MUTUAL INSURANCE COMPANY 401(K) RETIREMENT PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 60% of their eligible compensation to the plan.

2. Employer Match/Contribution Conditions: The employer contributes 100% of employees’ salary deferral amounts up to 2% and contributes 11% of the participants’ salary.

3. Vesting Schedule/Eligibility: Participants are fully vested after six years of continuous service. Employees are eligible after reaching age 20.5 and meeting a service requirement. Participants are eligible for salary deferral after 2 months of service and for Company matching contributions after one year of service with at least 1,000 hours of service.

4. Roth 401(k) contribution: Employee Roth contributions are permitted by the Plan.

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