DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

DYKEMA GOSSETT PLLC provides the following retirement savings benefits to its employees:

DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN is $274,631.00

DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN is $7,775.00. 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.
497,662.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,775.00 in DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT 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 DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT 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’.

DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2023, DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN allocates $6,434,609.00 to match its employees' contributions, providing an employer match rate of 74.28% of their contributions

DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN is approximately $5,614.00
Investing in this additonal $5,614.00 for 20 years would give you extra $359,349.00, assuming a 10% annual return.

DYKEMA GOSSETT PLLC SAVINGS AND INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 50 percent of their annual compensation.

2. Employer Match/Contribution Conditions: The employer may contribute a matching contribution equal to a percentage of total before-tax employee contributions made for the plan year, excluding catch-up contributions.

3. Vesting Schedule/Eligibility: All participants are immediately fully vested in all employee deferrals, discretionary firm matching contributions, and discretionary firm profit-sharing contributions. Temporary employees eligible if they have completed 1,000 hours of service during the calendar year.

4. Yes, it allows Roth 401(k) contributions.

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