A new retirement-savings plan is now available to members of Dairy Farmers of America, the nation’s largest dairy cooperative.
Starting April 1, DFA members can participate in my401k, which allows their qualified employees to have pre-tax money withheld directly from their paychecks and deposited into 401(k) retirement accounts. Employee participants then choose how they would like their money invested from a wide range of investment options provided.
Employers ― in this case, DFA member producers ― match the first 4 percent of each of their employees’ contributions.
“We believe this program will really simplify the process of saving for retirement for our members,” says Harold Papen, DFA vice president of human resources.
The DFA member 401(k) plan provides member dairies with many similar advantages and services as those provided to large corporations.