GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Contribution & Employer Match
GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Contribution & Employer Match
GIBSON, DUNN & CRUTCHER LLP provides the following retirement savings benefits to its employees:
GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Average Participant Retirement Account Value
GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Estimated Average Employee Contribution Amount
821,806.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,840.00 in GIBSON, DUNN & CRUTCHER LLP 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 GIBSON, DUNN & CRUTCHER LLP 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’.
GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Total Employer Contribution and Match Rate
GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,720.00 for 20 years would give you extra $366,135.00, assuming a 10% annual return.
GIBSON, DUNN & CRUTCHER LLP RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 20% of their annual wages, and effective April 1, 2022, participants may contribute up to 50%.
2. Employer Match/Contribution Conditions: Contributions to the Plan by the Firm are based upon a percentage of participant compensation determined based on the greater of 5% of compensation up to the Social Security wage base plus 10% of compensation in excess of the Social Security wage base up to the annual compensation limit, or 7.5% of compensation up to the $305,000 annual compensation limit. Contributions by partners are limited to $40,500.
3. Vesting Schedule/Eligibility: Participant and employer contributions and income thereon are fully vested at all times.
4. Roth 401(k) Contribution: The plan consists of a salary deferral 401(k) component and a Roth 401(k) component.
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