BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Contribution & Employer Match
BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Contribution & Employer Match
BOEHL STOPHER & GRAVES, LLP provides the following retirement savings benefits to its employees:
BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
121,831.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,903.00 in BOEHL STOPHER & GRAVES AMENDED AND RESTATED 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 BOEHL STOPHER & GRAVES AMENDED AND RESTATED 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’.
BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $2,634.00 for 20 years would give you extra $168,632.00, assuming a 10% annual return.
BOEHL STOPHER & GRAVES AMENDED AND RESTATED RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to the dollar amount set by law of their pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 50% of participant elective deferrals up to 5% of eligible compensation and also makes a non-elective contribution of 5% of eligible compensation.
3. Vesting Schedule/Eligibility: Participants are vested immediately in all contributions and account balances. Eligibility requires one year of service, completion of 1,000 hours of service, and being age 21 or older, with those who complete 500 hours of service eligible for the employer match and non-elective contribution if employed on the last day of the Plan year.
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