GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Contribution & Employer Match
GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Contribution & Employer Match
GORDON REES SCULLY MANSUKHANI, LLP provides the following retirement savings benefits to its employees:
GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
530,085.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,282.00 in GORDON REES SCULLY MANSUKHANI, LLP 401(K) 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 GORDON REES SCULLY MANSUKHANI, LLP 401(K) 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’.
GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $2,929.00 for 20 years would give you extra $187,457.00, assuming a 10% annual return.
GORDON REES SCULLY MANSUKHANI, LLP 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute no less than 1% and up to a maximum of 100% of pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The employer may elect to make discretionary matching and profit-sharing contributions based on current profits, not to exceed limits as defined by ERISA and by the Plan, and as approved by the Board of Directors.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their 401(k) deferrals plus actual earnings. Vesting in the employer’s contributions is based on years of continuous service, with a participant being 100% vested after 3 years of service.
4. Roth 401(k) Contribution: The Plan permits Roth contributions up to the amounts allowable under the Plan document and current income tax regulations.
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