HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Contribution & Employer Match

HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Contribution & Employer Match

HINMAN, HOWARD & KATTELL, LLP provides the following retirement savings benefits to its employees:

HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 is $188,371.00

HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 is $4,502.00. 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.
288,151.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,502.00 in HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1, 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 HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1

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’.

HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Total Employer Contribution and Match Rate

In 2023, HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 allocates $372,020.00 to match its employees' contributions, providing an employer match rate of 35.69% of their contributions

HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 is approximately $1,550.00
Investing in this additonal $1,550.00 for 20 years would give you extra $99,205.00, assuming a 10% annual return.

HINMAN, HOWARD & KATTELL, LLP PROFIT SHARING PLAN AND TRUST NO. 1 Contribution & Match Policy

1. Employee Contribution Rates: Participants can contribute part of their salary to the Plan, with a maximum deferral per participant of $20,500 for 2022.

2. Employer Match/Contribution Conditions: The sponsor has made a 3 percent safe harbor non-elective contribution for 2022.

3. Vesting Schedule/Eligibility: Participants are fully vested immediately in their account balances. Eligibility requires two years of service for discretionary sponsor contributions and six months of service for salary reduction contributions.

4. Roth 401(k) Contribution: The text does not mention Roth 401(k) contributions.

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