GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Contribution & Employer Match

GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Contribution & Employer Match

GARAN LUCOW MILLER, P.C. provides the following retirement savings benefits to its employees:

GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST is $196,012.00

GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST is $5,137.00. 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.
328,826.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,137.00 in GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST, 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 GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST

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’.

GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Total Employer Contribution and Match Rate

In 2023, GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST allocates $699,242.00 to match its employees' contributions, providing an employer match rate of 61.03% of their contributions

GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST is approximately $3,267.00
Investing in this additonal $3,267.00 for 20 years would give you extra $209,119.00, assuming a 10% annual return.

GARAN LUCOW MILLER, P.C. PROFIT SHARING PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to $20,500 for 2022 and $19,500 for 2021, with an additional $6,500 catch-up contribution for those aged 50 and above.

2. Employer Match/Contribution Conditions: The employer matches contributions at the rate of $0.50 for each $1.00 of the first $1,000 of employee contributions, and may contribute an additional amount at its discretion.

3. Vesting Schedule/Eligibility: All participant and Firm matching contributions to the Plan are fully vested when made. Discretionary contributions made by the Firm vest based on years of service, with 20% vesting each year starting after the completion of the second year of service.

4. Roth 401(k) contribution: Allowed.

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