Your Retirement Benefits: A Defined Contribution/401(k) Plan


We believe our retirement benefits are second to none because they are generous, competitive and flexible.

 

We offer you a dollar-for-dollar match of up to 6% of your total compensation with our 401(k) plan, which is administered by New York Life. Your plan offers a range of investment options, including:

How to Enroll in Your Retirement Benefits

To enroll, increase or decrease your contribution, or waive participation in the plan, go to New York Life at www.mylife.newyorklife.com.

 

Fixed Employer Contribution

Even if you choose not to contribute any of your money, your employer will contribute an amount equal to 3% of your total compensation into your 401(k) account. This is called the fixed employer contribution.

 

Automatic Enrollment at 3%

If you do not make an election to participate in the 401(k) plan within 45 days of your hire date, we will automatically enroll you in the plan at a 3% contribution rate. From that point on, we will increase your contribution by 1% each year on your anniversary date of hire up to a maximum of 15%.

 

Defined Benefit Retirement Plans

Employees participating in one of the four Defined Benefit retirement plans do not receive the 3% fixed employer contribution, and the employer match is capped at 4%.

 

Contribute on a Pre-Tax or Post-Tax Basis

You can contribute to your 401(k) plan on a pre- and post-tax basis. In addition, you can designate some or all of your elective contributions as after-tax Roth 401(k) contributions. The minimum amount that you can contribute to either is 1%, and the maximum is 75%.

 

Vested at 100% After 4 Years

You are vested 100% for the amount you contribute to your 401(k). For the employer contribution portion of your 401(k) account, you are vested at a rate of 25% each year of employment, and fully vested after four years.

 

Take Advantage of Employer-Matching Funds!

For employees hired after Jan. 1, 2007, or for those who do not participate in their employer’s pension plan, here is an example of how you can take full advantage of the company-matching funds in the Farm Credit Foundations 401(k) plan.

 

Foundations 401(k) Defined Contribution Plan


     6% Your Contribution
+ 6% Employer Match
+ 3% Fixed Employer Contribution
= 15% Into  Your 401(k) Account

 

Let’s say you contribute 6 percent of your total compensation into your 401(k) account. Now add to that amount the employer match of 6% and the fixed employer contribution of 3%, and you will have 15% added to your 401(k) account. And all you would have to contribute is 6%.

 

Remember, no matter how much you choose to contribute into your pre-tax 401(k) account, after-tax Roth 401(k) account or after-tax traditional account, your employer will match up to a maximum of 6% combined of your annual total compensation.

 

 

Access Your Earnings Statement

You may access your Earnings Statement on Ceridian Self-Service each pay period to keep track of all your year-to-date contributions including any after-tax spillover contributions you elect. You may also view contribution postings to your 401(k) account at www.mylife.newyorklife.com by accessing the Detailed Statement Online menu item under the View My Account tab.

 

Beneficiary Designation

As a participant in the 401(k) plan, you are able to elect, update or change your beneficiary designation directly with New York Life Retirement Plan Services. You have two ways to enter and update your beneficiary designation for the 401(k) plan: