EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Contribution & Employer Match

EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Contribution & Employer Match

EFPR GROUP LLP provides the following retirement savings benefits to its employees:

EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EFPR GROUP LLP 401(K) PROFIT SHARING PLAN is $148,791.00

EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EFPR GROUP LLP 401(K) PROFIT SHARING PLAN is $8,138.00. 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.
520,834.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,138.00 in EFPR GROUP LLP 401(K) 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 EFPR GROUP LLP 401(K) 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’.

EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, EFPR GROUP LLP 401(K) PROFIT SHARING PLAN allocates $798,110.00 to match its employees' contributions, providing an employer match rate of 47.72% of their contributions

EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EFPR GROUP LLP 401(K) PROFIT SHARING PLAN is approximately $3,893.00
Investing in this additonal $3,893.00 for 20 years would give you extra $249,166.00, assuming a 10% annual return.

EFPR GROUP LLP 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 92% of compensation on a pre-tax basis.

2. Employer Match/Contribution Conditions: The employer provides a Safe Harbor Non-Elective Company contribution of 3% of eligible compensation and may make discretionary employer matching and non-elective contributions, provided the participant is at least twenty-one years old and has completed one year of service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and 100% vested in Safe Harbor employer contributions after completing one year of service. For discretionary employer contributions, employees become 100% vested after six years of service at a rate of 20% per year starting with the second year.

4. Roth 401(k) Contribution: Yes, participants are permitted to make contributions as “Roth” contributions.

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