Retirement Savings

The Dover Retirement Savings Plan (a 401(k) plan) helps you save for your financial future with pre-tax dollars, reducing your current taxable income. Both you and Dover contribute to help you grow your savings and plan for the future.

Your contributions

You can contribute from 1% to 50% of your earnings, pre-tax, up to the IRS annual limit. Your contributions will automatically increase 1% each year up to a maximum of 6% unless you opt out of this feature. You can change your contribution at any time.

  • Contribute at least 6% of your earnings to maximize Dover’s contributions.
  • You can contribute up to $23,500; may increase in 2026.
  • If you are age 50 – 59, you can contribute an additional $7,500 as a catch-up contribution.
  • If you are age 60 – 63, you can contribute an additional $11,250, called a super catch-up.
  • If you are age 64+, you can contribute an additional $7,500.

Your contributions into the 401(k) plan are immediately vested at 100%, meaning the money is yours to keep.

Dover’s Contributions

We contribute to your 401(k) in two ways:

Automatic contribution*

  • Annual contribution in an amount equal to the greater of 1% of earnings or $750, prorated for any partial year of eligibility
  • Paid during the first quarter of the following year

Matching contribution

We match your contributions, up to 3.5% of your eligible pay. Here’s how it works:

  • Match 100% of the first 1% of pay you contribute
  • Match 50% of the next 5% of pay you contribute

This means if you contribute 6% of pay or more, we will contribute 3.5% to your 401(k) plan account. Your matching contributions from us are immediately 100% vested.

See How It Adds Up

Let’s check out an example! For a team member aged 45, earning $50,000 annually and contributing 6% of pay (or $3,000), here’s how it adds up:

Your Contributions

Your contributions: $3,000

6% of $50,000

Dover’s Contributions

Automatic

Matching

$750+

$500 + $1,250

(100% match on 1% of pay + 50% match on 5% of pay)

Total Annual Savings

$5,550

Your contributions: $3,300

Dover's contributions: $2,500

Your Contributions

Your contributions: $3,000

6% of $50,000

Dover’s Contributions

Automatic $750+

Matching $500 + $1,250

(100% match on 1% of pay + 50% match on 5% of pay)

Total Annual Savings

$5,550

Your contributions: $3,300

Dover's contributions: $2,500

Automatic Enrollment

To encourage savings, all new team members are automatically enrolled in the 401(k) at a 3% contribution. If you do not want to participate in the 401(k), you will need to actively opt out of the plan, and you always have the flexibility to adjust how much you contribute.

Validate Your Beneficiary

Make sure your beneficiary information is complete for your 401(k) savings:

  • Beneficiary’s full legal name
  • Address
  • Phone number

If your beneficiary is an estate, trust, organization or trustee(s), provide that entity’s full legal name, address and phone number. You can make updates anytime during the year. For spouse or child coverage, you are always the beneficiary.

Go to Bank of America Merrill Lynch to update or choose your beneficiary.

Learn More

For more information, including plan eligibility requirements, refer to the summary plan description on the Bank of America Merrill Lynch website. If you have questions, you can also call 1-844-4-DOVER-1 (1-844-436-8371).