JONES DAIRY FARM THRIFT PLAN Contribution & Employer Match
JONES DAIRY FARM THRIFT PLAN Contribution & Employer Match
JONES DAIRY FARM provides the following retirement savings benefits to its employees:
JONES DAIRY FARM THRIFT PLAN Average Participant Retirement Account Value
JONES DAIRY FARM THRIFT PLAN Estimated Average Employee Contribution Amount
420,360.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,568.00 in JONES DAIRY FARM THRIFT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 JONES DAIRY FARM THRIFT 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’.
JONES DAIRY FARM THRIFT PLAN Total Employer Contribution and Match Rate
JONES DAIRY FARM THRIFT PLAN Estimated Average Employer Match
Investing in this additonal $2,838.00 for 20 years would give you extra $181,693.00, assuming a 10% annual return.
JONES DAIRY FARM THRIFT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants can contribute a percentage of their compensation, limited by Plan provisions, as pre-tax 401(k) or Roth contributions.
2. Employer Match/Contribution Conditions: The employer makes a nondiscretionary matching contribution equal to 50% of salary deferral contributions limited to 2.5% of eligible compensation for participants with 1 to 20 years of service, and 100% of salary deferral contributions limited to 5.0% of eligible compensation for participants with 20 or more years of service.
3. Vesting Schedule/Eligibility: The balance relating to employer contributions becomes 20% vested after two years of credited service, increasing ratably to 100% after six years. All participant contributions are immediately fully vested. Eligibility requires participants to have attained age 21 and completed six months of service.
4. Roth 401(k) contribution: Yes
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