BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Contribution & Employer Match

BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Contribution & Employer Match

BEVERIDGE & DIAMOND, P.C. provides the following retirement savings benefits to its employees:

BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' is $673,867.00

BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' is $11,630.00. 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.
744,338.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,630.00 in BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A', 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 BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A'

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’.

BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Total Employer Contribution and Match Rate

In 2023, BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' allocates $3,093,897.00 to match its employees' contributions, providing an employer match rate of 151.15% of their contributions

BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' is approximately $16,723.00
Investing in this additonal $16,723.00 for 20 years would give you extra $1,070,321.00, assuming a 10% annual return.

BEVERIDGE & DIAMOND, P.C. 401(K) PROFIT SHARING PLAN & TRUST 'A' Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to defer up to 75% of their compensation.

2. Employer Match/Contribution Conditions: The Firm may match salary reduction contributions at a rate determined annually by the Firm, but did not match salary reduction contributions for 2022 and 2021.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and the Firm's contributions plus actual earnings thereon. Employees are eligible for employer contributions after completing 1,000 hours during one year of service.

4. Roth 401(k) Contribution: Elective Roth contributions are allowed and separately accounted for under the Plan.

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