Berry Plastics 401K: How Much Do They Match?

Berry Plastics Corporation offers a 401(k) retirement plan to its employees, which includes a matching contribution from the company. The plan is designed to promote employee well-being and provide for their future financial security. In 2023, the company allocated $19,740,056.00 to match its employees' contributions, resulting in an employer match rate of 36.33%. This rate is subject to change and has been increased in the past to make it more competitive. For business owners, the maximum employer matching contribution is 3% of the employee's annual compensation, up to $16,000 ($19,500 if age 50 or older).

Berry Global Employees 401(K) Retirement Plan

The Berry Global 401(K) plan has recently increased its company match to make it more competitive. This is great news for employees, as it means they can save even more for their future. The plan also has a default investment account for participants or employees who fail to direct assets in their account.

For Berry Global Group employees who own a business, there are two types of contributions that can be made: matching contributions and nonelective contributions. Matching contributions must match the amount that each employee contributes up to a maximum of 3% of the employee's annual compensation. This means that if an employee contributes $100, the company will contribute $3. The maximum employee deferral for 2024 is $16,000, or $19,500 if the employee is aged 50 or older. As a result, the maximum employer matching contribution for an employee is $16,000 or $19,500, or 3% of the employee's compensation, whichever is less.

Alternatively, employers can choose to make a nonelective contribution, which must be 2% of each employee's annual compensation, regardless of whether the employee chooses to contribute to the plan or not. It is important to note that the compensation on which both the 2% nonelective contributions and the 3% matching contributions are made may not exceed $345,000 in 2024.

Berry Global Group employees who own a business

If you are a Berry Global Group employee who owns a business, you must make either a matching contribution or a non-elective contribution every year. A matching contribution must match the amount that each employee contributes up to a maximum of 3% of the employee's annual compensation. The maximum employee deferral for 2024 is $16,000 ($19,500 if age 50 or older), so your maximum employer matching contribution for an employee is the lesser of $16,000 ($19,500 if age 50 or older) or 3% of the employee's compensation. If you choose to make a non-elective contribution instead, you must contribute 2% of each employee's annual compensation whether or not the eligible employee chooses to contribute to the plan. The compensation on which both the 2% non-elective contributions and the 3% matching contributions are made may not exceed $345,000 in 2024.

In 2023, the Berry Global Employees 401(K) Retirement Plan allocated $19,740,056.00 to match its employees' contributions, providing an employer match rate of 36.33% of their contributions.

The maximum employee deferral for 2024

Berry Plastics Corporation offers several retirement benefits and other welfare benefits to promote employee well-being. The company offers a 401k plan, which includes an employer match up to a certain percentage.

In 2023, the BERRY GLOBAL EMPLOYEES 401(K) RETIREMENT PLAN allocated $19,740,056.00 to match its employees' contributions, providing an employer match rate of 36.33% of their contributions. The plan has a default investment account for participants or employees who fail to direct assets in their account.

The investment and administrative expense ratio

The 401(k) plan is a retirement savings plan that allows employees to save and invest money for their retirement. The plan is sponsored by an employer, who may also contribute to the plan. The employee contributions are typically made through payroll deductions, and the investments are chosen by the employee from a list of options provided by the plan.

In the case of the Berry Global Employees 401(k) Retirement Plan, the investment and administrative expense ratio is relatively low at 0.02%. This means that for every $100 invested in the plan, $0.02 is used to cover these costs. This is a positive sign, as it indicates that the plan is relatively cost-effective and efficient.

It is worth noting that the Berry Global Group Employees 401(k) plan has a matching contribution structure, where the employer matches the employee's contributions up to a certain percentage. This is a common feature of 401(k) plans, as it encourages employees to participate and save for their retirement. The matching contribution can vary depending on the employer and the specific plan, but it is generally a significant benefit for employees.

The compensation on which contributions are made

Berry Plastics Corporation offers several retirement benefits to promote employee well-being. In 2023, the company allocated $19,740,056.00 to match its employees' contributions, providing an employer match rate of 36.33% of their contributions.

For Berry Global Group employees who own a business, a matching contribution must be made every year. This must match the amount that each employee contributes up to a maximum of 3% of the employee's annual compensation. If an employee chooses not to contribute to the plan, the employer must still contribute 2% of each employee's annual compensation.

Recent changes have increased the company match to make it more competitive.

Frequently asked questions