ASHCRAFT & GEREL LLP RETIREMENT SAVINGS PLAN Contribution & Employer Match
ASHCRAFT & GEREL LLP RETIREMENT SAVINGS PLAN Contribution & Employer Match
ASHCRAFT & GEREL, LLP provides the following retirement savings benefits to its employees:
ASHCRAFT & GEREL LLP RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
ASHCRAFT & GEREL LLP RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
204,414.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,193.00 in ASHCRAFT & GEREL LLP RETIREMENT SAVINGS PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 ASHCRAFT & GEREL LLP RETIREMENT 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’.
ASHCRAFT & GEREL LLP RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute an elected amount of pretax annual compensation, as defined in the Plan, and also make after-tax Roth contributions.
2. Employer Match/Contribution Conditions: The Company may elect to make a profit-sharing contribution to the Plan at its discretion.
3. Vesting Schedule/Eligibility: Participants become vested in the Company profit-sharing contributions at a rate of twenty percent per year after two years of service, reaching 100 percent after six years of service. A year of service for vesting purposes is defined as 1,000 hours worked in any one year.
4. It allows Roth 401(k) contributions.
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