CARDINAL LAW GROUP, LTD RETIREMENT PLAN Contribution & Employer Match
CARDINAL LAW GROUP, LTD RETIREMENT PLAN Contribution & Employer Match
CARDINAL LAW GROUP, LTD provides the following retirement savings benefits to its employees:
CARDINAL LAW GROUP, LTD RETIREMENT PLAN Average Participant Retirement Account Value
CARDINAL LAW GROUP, LTD RETIREMENT PLAN Estimated Average Employee Contribution Amount
292,778.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,574.00 in CARDINAL LAW GROUP, LTD RETIREMENT 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 CARDINAL LAW GROUP, LTD RETIREMENT 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’.
CARDINAL LAW GROUP, LTD RETIREMENT PLAN Total Employer Contribution and Match Rate
CARDINAL LAW GROUP, LTD RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $505.00 for 20 years would give you extra $32,346.00, assuming a 10% annual return.
CARDINAL LAW GROUP, LTD RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute to the Plan through regular payroll deductions, with additional catch-up contributions available for participants who have attained age 50 before the end of the calendar year.
2. Employer Match/Contribution Conditions: The employer matches or contributes to the plan through discretionary profit sharing contributions, which are accrued based on a percentage of compensation. Participants must be employed as of the last day of the plan year to receive these contributions.
3. Vesting Schedule/Eligibility: Participants are immediately fully vested in salary deferrals and rollover contributions. The portion of participants' accounts attributable to the employer's discretionary profit sharing contributions becomes 20% vested after two years of service and continues to vest at the rate of 20% for each successive year until 100% vested after six years of service.
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