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DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Contribution & Employer Match

DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Contribution & Employer Match

DENTONS BINGHAM GREENEBAUM LLP provides the following retirement savings benefits to its employees:

DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN is $441,561.00

DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN is $6,599.00. 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.
422,370.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,599.00 in DENTONS BINGHAM GREENEBAUM 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 DENTONS BINGHAM GREENEBAUM 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’.

DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN allocates $3,479,324.00 to match its employees' contributions, providing an employer match rate of 112.29% of their contributions

DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN is approximately $7,100.00
Investing in this additonal $7,100.00 for 20 years would give you extra $454,442.00, assuming a 10% annual return.

DENTONS BINGHAM GREENEBAUM RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the maximum allowable deferral contribution, as defined by the Internal Revenue Code (IRC), with an automatic deferral rate of 4% of eligible compensation unless they choose a different percentage or opt out.

2. Employer Match/Contribution Conditions: The employer matches 25% of the first 15% of compensation being deferred to the Plan for participants who are not equity partners based out of Kentucky or Ohio.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Firm's matching contributions. They become 100% vested in the Firm's discretionary contributions if they are still an eligible employee as of the last day of the Plan year.

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