CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES Contribution & Employer Match
CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES Contribution & Employer Match
CHAPMAN AND CUTLER LLP provides the following retirement savings benefits to its employees:
CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES Average Participant Retirement Account Value
CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES Estimated Average Employee Contribution Amount
855,433.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,366.00 in CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES, 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 CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES
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’.
CHAPMAN AND CUTLER LLP SALARY DEFERRAL PLAN FOR ATTORNEY EMPLOYEES Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to $20,500 of their salary to the plan.
2. Employer Match/Contribution Conditions: The participant contributions are not subject to matching contributions from the Partnership.
3. Vesting Schedule/Eligibility: Each participant is 100% vested in all contributions made to his or her account, and employees are eligible to participate on the first day of the month following the date of hire and attainment of age 21.
4. Roth 401(k) Contribution: Participants may also elect to contribute amounts to their Roth account.
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