BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Contribution & Employer Match

BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Contribution & Employer Match

BURNS & LEVINSON LLP provides the following retirement savings benefits to its employees:

BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS is $512,535.00

BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS is $12,831.00. 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.
821,230.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,831.00 in BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS, 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 BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS

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’.

BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Total Employer Contribution and Match Rate

In 2023, BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS allocates $1,443,564.00 to match its employees' contributions, providing an employer match rate of 71.43% of their contributions

BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS is approximately $8,966.00
Investing in this additonal $8,966.00 for 20 years would give you extra $573,839.00, assuming a 10% annual return.

BURNS & LEVINSON LLP RETIREMENT PLAN FOR PARTNERS & LEGAL ADMINISTRATIVE ASSISTANTS Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute between 1% and 100% of pre-tax or post-tax (Roth) compensation.

2. Employer Match/Contribution Conditions: The non-elective contribution for partners was equal to 4.5% of eligible compensation for non-equity partners and either 7% (tier 2) or 9% (tier 1) for equity partners. Legal administrative assistants receive a non-elective contribution equal to 3% of eligible compensation up to the Social Security wage limit of $147,000 and 6% thereafter. Participants must be employed on the last day of the contribution period to receive such allocation.

3. Vesting Schedule/Eligibility: A participant is fully vested after three years of service. Participants are also fully vested upon reaching normal retirement age, death, or total disability. Eligibility requires participants to complete three months of service and be 21 or older.

4. Roth 401(k) Contribution: Yes, it allows Roth 401(k) contributions.

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