BCLP LLP US RETIREMENT PLAN Contribution & Employer Match
BCLP LLP US RETIREMENT PLAN Contribution & Employer Match
BRYAN CAVE LEIGHTON PAISNER US LLP provides the following retirement savings benefits to its employees:
BCLP LLP US RETIREMENT PLAN Average Participant Retirement Account Value
BCLP LLP US RETIREMENT PLAN Estimated Average Employee Contribution Amount
457,833.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,153.00 in BCLP LLP US RETIREMENT 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 BCLP LLP US RETIREMENT 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’.
BCLP LLP US RETIREMENT PLAN Total Employer Contribution and Match Rate
BCLP LLP US RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $6,875.00 for 20 years would give you extra $440,049.00, assuming a 10% annual return.
BCLP LLP US RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 50% of their annual compensation or the maximum amount permitted under Section 402(g) of the Internal Revenue Code ($20,500 for 2022 and $19,500 for 2021).
2. Employer Match/Contribution Conditions: The employer contributes 5% of compensation for eligible staff participants, with an additional 5% for compensation in excess of the Social Security Taxable Wage Base ($147,000 for 2022 and $142,800 for 2021). For eligible partners, contributions are based on a schedule that considers age, classification, and target compensation. The total contributions for any participant cannot exceed the lesser of $61,000 for 2022 or 100% of compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their employee contributions. For employer contributions, participants are fully vested after completing three years of service.
4. Roth 401(k) Contribution: Yes, the plan allows for Roth contributions.
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