Pitman Farms 401(k) match, vesting and fees
What Pitman Farms' 401(k) plan says about matching contributions
The Plan Sponsor may make a matching contribution equal to a percentage of the participants’ elective deferrals up to a percentage of eligible compensation for the Plan year. The Plan Sponsor made matching contributions of $151,478 and $135,934 for the Plan years ended December 31, 2024 and 2023, respectively.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 33 ↗ |
| Match vesting | Participants are always 100% vested in their deferral, rollover, and QNEC contributions. Employer matching, employer profit sharing contributions, and gains (losses) credited thereon, vest as follows: Less than 2 years credited service 0% After 2 years credited service 20% After 3 years credited service 40% After 4 years credited service 60% After 5 years credited service 80% After 6 years credited service 100% For vesting purposes, a year of service is equivalent to 1,000 hours of service during the Plan year. | Audit report, p. 34 ↗ |
| Roth contributions | Employee salary deferrals include pre-tax elective deferrals and Roth after-tax elective deferrals. | Audit report, p. 33 ↗ |
| Loans | Effective January 1, 2022, the plan no longer permits the issuance of loans to participants. The Plan allows in-kind rollover contributions in the form of participant loans. Participants who have loan balances rolled into the Plan may repay their loans according to their original terms. Loans are secured by the balance of the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan’s administrator. Payroll deductions are used to repay the loans. | Audit report, p. 34 ↗ |
| Recordkeeper | Empower Annuity Insurance Company | Schedule C ↗ |
| Independent auditor | Campbell Taylor Washburn (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 595 defined-contribution plans in agriculture, forestry, fishing and hunting with 100 to 499 participants.
| Pitman Farms: employer contribution per participant | $633 | |
| Peer median | $1,917 |
| Pitman Farms: average balance | $40,081 | |
| Peer median | $58,404 |
| Pitman Farms: admin expenses ÷ assets | 0.49% | |
| Peer median | 0.38% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $7.7M at the end of plan year 2021 to $9.4M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 2,137 | $9.4M | $148K | $633 | 0.49% | Quoted in the audit report, p. 33 ↗ | Form 5500 ↗ |
| 2023 | 2,005 | $8.4M | $122K | $463 | 0.54% | Not published | Form 5500 ↗ |
| 2022 | 1,767 | $7M | $136K | $513 | 0.54% | Not published | Form 5500 ↗ |
| 2021 | 1,690 | $7.7M | $131K | $497 | 0.44% | Not published | Form 5500 ↗ |
Common questions
Does Pitman Farms match 401(k) contributions?
The audit report attached to the Pitman Farms, Inc. 401k Retirement Plan's plan year 2024 Form 5500, page 33 says: “The Plan Sponsor may make a matching contribution equal to a percentage of the participants’ elective deferrals up to a percentage of eligible compensation for the Plan year. The Plan Sponsor made matching contributions of $151,478 and $135,934 for the Plan years ended December 31, 2024 and 2023, respectively.” Plan terms may have changed; check your current Summary Plan Description.
When is the Pitman Farms 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 34 says: “Participants are always 100% vested in their deferral, rollover, and QNEC contributions. Employer matching, employer profit sharing contributions, and gains (losses) credited thereon, vest as follows: Less than 2 years credited service 0% After 2 years credited service 20% After 3 years credited service 40% After 4 years credited service 60% After 5 years credited service 80% After 6 years credited service 100% For vesting purposes, a year of service is equivalent to 1,000 hours of service during the Plan year.”
Who manages the Pitman Farms 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company. The plan administrator is Pitman Farms, Inc..
I left Pitman Farms. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Pitman Farms, Inc., (559) 875-9300) or the recordkeeper, Empower Annuity Insurance Company. The Pitman Farms old 401(k) page lists the contacts from every plan filing. Find an old Pitman Farms 401(k)
Data from the public Form 5500 annual reports Pitman Farms filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Pitman Farms. Not financial advice. Report a correction · Methodology