FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Contribution & Employer Match

FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Contribution & Employer Match

FITCH, EVEN, TABIN & FLANNERY LLP provides the following retirement savings benefits to its employees:

FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN is $401,938.00

FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN is $7,756.00. 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.
496,440.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,756.00 in FITCH EVEN TABIN & FLANNERY 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 FITCH EVEN TABIN & FLANNERY 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’.

FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN allocates $904,337.00 to match its employees' contributions, providing an employer match rate of 80.96% of their contributions

FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN is approximately $6,194.00
Investing in this additonal $6,194.00 for 20 years would give you extra $396,421.00, assuming a 10% annual return.

FITCH EVEN TABIN & FLANNERY RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 12% of their eligible compensation.

2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions for eligible participants who have completed one year of service, are employed on the last day of the Plan year, and have completed 1,000 hours of service during the Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately and fully vested in elective deferral and rollover contributions. Employer discretionary matching contributions become vested based on years of continuous service.

4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.

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