DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

DORSEY & WHITNEY LLP provides the following retirement savings benefits to its employees:

DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN is $335,019.00

DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN is $8,502.00. 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.
544,187.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,502.00 in DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS 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 DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS 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’.

DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN allocates $14,328,494.00 to match its employees' contributions, providing an employer match rate of 94.83% of their contributions

DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN is approximately $7,720.00
Investing in this additonal $7,720.00 for 20 years would give you extra $494,086.00, assuming a 10% annual return.

DORSEY & WHITNEY 401(K) RETIREMENT AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 75 percent of their annual earnings to the Plan, subject to IRC limitations.

2. Employer Match/Contribution Conditions: The Employer may annually contribute 7.5 percent of each participant's annual pre-tax compensation, with an additional 5.78 percent for partners over the age of 40 for both 2022 and 2021, subject to a compensation ceiling and annual limitations prescribed by the IRC.

3. Vesting Schedule/Eligibility: Participants vest in Employer contributions upon completion of their third year of service, at which point the participant is 100 percent vested in all allocated Employer contributions. Eligibility requires employees to have reached 21 years of age and completed one year of service while being credited with at least 1,000 hours of service.

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