FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match
FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match
FOLEY & LARDNER LLP provides the following retirement savings benefits to its employees:
FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Average Participant Retirement Account Value
FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employee Contribution Amount
571,674.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,932.00 in FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 FOLEY & LARDNER LLP DEFINED CONTRIBUTION 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’.
FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Total Employer Contribution and Match Rate
FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $7,422.00 for 20 years would give you extra $475,013.00, assuming a 10% annual return.
FOLEY & LARDNER LLP DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Non-highly compensated participants can contribute up to 50% of their eligible pre-tax compensation, while highly compensated participants can contribute up to 19%.
2. Employer Match/Contribution Conditions: The firm matches 25% of the first 4% of participant contributions made during the plan year, not to exceed 1% of eligible compensation for eligible participants employed as of the last day of the Plan's year end.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions. Vesting of Firm contributions in the DC Plan Account is 100% after three years of credited service, or if the participant’s service date is on or after attainment of normal retirement age or as a result of death.
4. Roth 401(k) Contribution: Participants may designate all or a portion of their deferral contributions as after-tax contributions into a Roth account.
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