BERRYDUNN 401(K) PROFIT SHARING PLAN Contribution & Employer Match
BERRYDUNN 401(K) PROFIT SHARING PLAN Contribution & Employer Match
BERRY, DUNN, MCNEIL & PARKER, INC. provides the following retirement savings benefits to its employees:
BERRYDUNN 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
BERRYDUNN 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
537,815.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,403.00 in BERRYDUNN 401(K) PROFIT SHARING 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 BERRYDUNN 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’.
BERRYDUNN 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate
BERRYDUNN 401(K) PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $6,304.00 for 20 years would give you extra $403,503.00, assuming a 10% annual return.
BERRYDUNN 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible compensation.
2. Employer Match/Contribution Conditions: The employer matches 25% of the first 4% of compensation deferred by each eligible participant.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and the employer's matching contributions. For discretionary profit-sharing contributions, a participant is 100% vested after six years of credited service, or upon death, disability, or reaching normal retirement age of 55.
4. Roth 401(k) Contribution: The text does not mention Roth 401(k) contributions.
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