CULLEN AND DYKMAN SAVINGS PLAN II Contribution & Employer Match
CULLEN AND DYKMAN SAVINGS PLAN II Contribution & Employer Match
CULLEN & DYKMAN, LLP provides the following retirement savings benefits to its employees:
CULLEN AND DYKMAN SAVINGS PLAN II Average Participant Retirement Account Value
CULLEN AND DYKMAN SAVINGS PLAN II Estimated Average Employee Contribution Amount
616,087.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,626.00 in CULLEN AND DYKMAN SAVINGS PLAN II, 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 CULLEN AND DYKMAN SAVINGS PLAN II
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’.
CULLEN AND DYKMAN SAVINGS PLAN II Total Employer Contribution and Match Rate
CULLEN AND DYKMAN SAVINGS PLAN II Estimated Average Employer Match
Investing in this additonal $1,842.00 for 20 years would give you extra $117,899.00, assuming a 10% annual return.
CULLEN AND DYKMAN SAVINGS PLAN II Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 25% of eligible annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 33.33% of the first 6% of eligible compensation contributed by participants, excluding any catch-up contributions.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the employer's matching contribution is based on years of service as follows: Less than 1 year: 0%, At least 1 but less than 2 years: 33.33%, At least 2 but less than 3 years: 66.67%, At least 3 years or more: 100%. Eligibility for matching contributions requires participants to be at least 21 years old and have one year of service.
4. Roth 401(k) Contribution: The plan allows after-tax (Roth) deferral contributions.
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