ICE MILLER RETIREMENT PLAN Contribution & Employer Match
ICE MILLER RETIREMENT PLAN Contribution & Employer Match
ICE MILLER LLP provides the following retirement savings benefits to its employees:
ICE MILLER RETIREMENT PLAN Average Participant Retirement Account Value
ICE MILLER RETIREMENT PLAN Estimated Average Employee Contribution Amount
850,936.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,295.00 in ICE MILLER 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 ICE MILLER 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’.
ICE MILLER RETIREMENT PLAN Total Employer Contribution and Match Rate
ICE MILLER RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $9,821.00 for 20 years would give you extra $628,596.00, assuming a 10% annual return.
ICE MILLER RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 70% of their eligible annual compensation, with a limit of 12% or 15% for highly compensated participants.
2. Employer Match/Contribution Conditions: The employer matches contributions equal to 58.93% of the participants' contributions, limited to 6.72% of participant compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings, and also in the Firm’s discretionary matching and profit-sharing contributions and earnings.
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