John Deere offers a 401k plan with a company match that is based on the company's annual performance, matching a portion of an employee's contributions up to the first 6% deferred.
Understanding John Deere's 401k Plan
John Deere's 401k program, administered by Fidelity Investments, is designed to help employees save for retirement through both pre-tax and after-tax contributions. A key aspect of this plan is the company's commitment to contributing to employee savings.
Key Aspects of the 401k Match:
- Match Structure: The company matches a portion of an employee's contributions.
- Contribution Limit for Match: This match applies to contributions up to the first 6% of an employee's deferrals.
- Performance-Based: The exact amount of the company match is directly tied to John Deere's annual performance. This means the specific percentage can fluctuate year-to-year based on company results.
Vesting and Plan Details
Employees participating in the John Deere 401k plan become fully vested in the company's contributions after three years of service. Vesting refers to the point at which an employee has full ownership of the employer's contributions to their retirement account.
Here's a summary of the plan's features:
| Feature | Detail |
|---|---|
| Plan Administrator | Fidelity Investments |
| Contribution Types | Pre-tax and After-tax contributions available |
| Company Match | A portion of contributions, up to the first 6% deferred |
| Match Basis | Based on the company's annual performance |
| Vesting Period | Full vesting after three (3) years of service |
This structured approach to retirement savings aims to reward employees while aligning contributions with the company's overall financial health.
