ABBVIE SAVINGS PLAN Contribution & Employer Match

ABBVIE SAVINGS PLAN Contribution & Employer Match

ABBVIE INC. provides the following retirement savings benefits to its employees:

ABBVIE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ABBVIE SAVINGS PLAN is $314,998.00

ABBVIE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ABBVIE SAVINGS PLAN is $14,329.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
917,061.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 14,329.00 in ABBVIE SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in ABBVIE SAVINGS PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

ABBVIE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ABBVIE SAVINGS PLAN allocates $306,087,334.00 to match its employees' contributions, providing an employer match rate of 75.65% of their contributions

ABBVIE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ABBVIE SAVINGS PLAN is approximately $8,221.00
Investing in this additonal $8,221.00 for 20 years would give you extra $526,177.00, assuming a 10% annual return.

ABBVIE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute from 2% to 50% of their eligible earnings; employees covered by ASP+ may contribute from 1% to 50%.

2. Employer Match/Contribution Conditions: For participants not covered by ASP+, the employer matches 5% of the participant’s eligible earnings if the employee contributes at least 2%. For participants covered by ASP+, contributions are matched dollar for dollar up to 6% of the participant’s eligible earnings.

3. Vesting Schedule/Eligibility: The vesting schedule for employer matching contributions is 0% for less than 2 years of credited service and 100% for 2 years or more. For ASP+ participants, the vesting schedule for the annual employer contribution is 0% for less than 1 year, 20% for 1 year, 40% for 2 years, 60% for 3 years, 80% for 4 years, and 100% for 5 years or more.

4. Roth 401(k) Contributions: The Plan permits Roth 401(k) after-tax contributions and a Roth 401(k) conversion feature.

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