CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Contribution & Employer Match

CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Contribution & Employer Match

CONSTANGY, BROOKS, SMITH & PROPHETE LLP provides the following retirement savings benefits to its employees:

CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN is $156,683.00

CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN is $4,929.00. 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.
315,501.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,929.00 in CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN, 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 CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING 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’.

CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN allocates $1,605,679.00 to match its employees' contributions, providing an employer match rate of 64.88% of their contributions

CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN is approximately $3,198.00
Investing in this additonal $3,198.00 for 20 years would give you extra $204,708.00, assuming a 10% annual return.

CONSTANGY, BROOKS, SMITH & PROPHETE, LLP SAVINGS AND INVESTMENT PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may make contributions each year up to the maximum amount allowed by the Internal Revenue Code (IRC). They can also contribute up to 100% of a specific paycheck or bonus, not less than $50.

2. Employer Match/Contribution Conditions: The employer matches contributions at 25% of the participant’s pre-tax deferral, not to exceed 6% of the participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their entire account plus actual earnings. Employees are eligible to participate in the Plan on the first day of the month following 30 days of service. Full-time employees (except partners) may participate in matching contributions after one year of service.

4. Roth 401(k) Contribution: The Plan allows for Roth contributions.

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