DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Contribution & Employer Match

DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Contribution & Employer Match

DAVIS+GILBERT LLP provides the following retirement savings benefits to its employees:

DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN is $769,180.00

DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN is $11,192.00. 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.
716,317.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,192.00 in DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT 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 DAVIS+GILBERT LLP PROFIT SHARING 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’.

DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN allocates $3,053,345.00 to match its employees' contributions, providing an employer match rate of 166.34% of their contributions

DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN is approximately $17,855.00
Investing in this additonal $17,855.00 for 20 years would give you extra $1,142,772.00, assuming a 10% annual return.

DAVIS+GILBERT LLP PROFIT SHARING RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 90% of their pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 50% of elective contributions up to a maximum of 6% of a participant's compensation, for participants with one year of service and who are employed on the last day of the Plan year.

3. Vesting Schedule/Eligibility: Participants are fully vested in their own contributions and profit-sharing contributions. Matching contributions vest ratably over a five-year period, with full vesting after five years of service. Participants become 100% vested in all matching contributions upon certain events such as death and disability.

4. Roth 401(k) Contribution: Yes, participants are permitted to designate all or a portion of their elective contributions as Roth elective contributions.

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