AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Contribution & Employer Match

AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Contribution & Employer Match

AKIN GUMP STRAUSS HAUER & FELD LLP provides the following retirement savings benefits to its employees:

AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN is $282,294.00

AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN is $9,549.00. 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.
611,175.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,549.00 in AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING 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 AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING 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’.

AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN allocates $17,611,047.00 to match its employees' contributions, providing an employer match rate of 71.86% of their contributions

AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN is approximately $6,472.00
Investing in this additonal $6,472.00 for 20 years would give you extra $414,225.00, assuming a 10% annual return.

AKIN GUMP STRAUSS HAUER & FELD LLP SECTION 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100% of annual compensation, subject to the dollar limitation under section 402(g) of the IRC.

2. Employer Match/Contribution Conditions: The employer matches contributions equal to 10% of each participant's salary reduction contributions, provided that the participant contributes at least 4% of compensation, completes a minimum of 1,000 hours of service, and is employed on December 31.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their rollover, salary reduction, qualified non-elective, and matching accounts. They are fully vested in their profit sharing and discretionary profit sharing accounts after six years of credited service. Eligibility requires employees to be at least 21 years of age and to have completed 1,000 hours of service during the year.

4. Allows Roth 401(k) contributions.

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