BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Contribution & Employer Match
BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Contribution & Employer Match
BROUSE MCDOWELL, provides the following retirement savings benefits to its employees:
BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
442,430.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,912.00 in BROUSE MCDOWELL 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 BROUSE MCDOWELL 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’.
BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $631.00 for 20 years would give you extra $40,406.00, assuming a 10% annual return.
BROUSE MCDOWELL RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 80 percent of eligible compensation.
2. Employer Match/Contribution Conditions: The employer matches 50% of up to a maximum of 9% of eligible compensation, and matches are not made for participants who are shareholders or “Of Counsel” of the Firm.
3. Vesting Schedule/Eligibility: Employer matching contributions are immediately vested. Vesting in discretionary Firm contributions is based on a six-year graded vesting schedule, with eligibility for matching contributions starting after one year of service and attaining age twenty-one.
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