DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Contribution & Employer Match

DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Contribution & Employer Match

DRUMMOND, WOODSUM & MACMAHON, P.A. provides the following retirement savings benefits to its employees:

DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN is $418,567.00

DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN is $12,073.00. 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.
772,714.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,073.00 in DRUMMOND, WOODSUM & MACMAHON, P.A. 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 DRUMMOND, WOODSUM & MACMAHON, P.A. 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’.

DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN allocates $2,044,846.00 to match its employees' contributions, providing an employer match rate of 97.62% of their contributions

DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN is approximately $10,876.00
Investing in this additonal $10,876.00 for 20 years would give you extra $696,117.00, assuming a 10% annual return.

DRUMMOND, WOODSUM & MACMAHON, P.A. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute a percentage of pretax annual compensation and may also make Roth contributions.

2. Employer Match/Contribution Conditions: The Company may make discretionary non-elective contributions, which for the year ended December 31, 2022, was equal to 6.3% of each eligible active participant’s compensation up to the IRS annual compensation limit, plus 5.7% of compensation above the Social Security Taxable wage base.

3. Vesting Schedule/Eligibility: A participant becomes 20% vested after two years of service and earns an additional 20% vesting for each year thereafter, becoming 100% vested after six years of credited service. Eligibility for the Company non-elective contribution requires participants to be age 18 or older, have completed one year of service, and be employed on the last day of the year.

4. Roth 401(k) Contribution: Yes, participants may make Roth contributions.

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