JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Contribution & Employer Match

JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Contribution & Employer Match

JEFFER MANGELS BUTLER & MITCHELL LLP provides the following retirement savings benefits to its employees:

JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN is $622,131.00

JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN is $9,433.00. 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.
603,765.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,433.00 in JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN, 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 JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) 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’.

JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN allocates $2,800,714.00 to match its employees' contributions, providing an employer match rate of 132.24% of their contributions

JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN is approximately $12,906.00
Investing in this additonal $12,906.00 for 20 years would give you extra $826,017.00, assuming a 10% annual return.

JEFFER MANGELS BUTLER & MITCHELL LLP PROFIT SHARING AND 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100 percent of pretax annual compensation, subject to certain limitations under the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The Partnership may contribute to the Plan on behalf of each class of participant employed on the last day of the Plan year or who has retired, died, or incurred a disability during the year. Contributions are discretionary and have no percentage or amount specified, determined by the Plan Sponsor.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Partnership contribution is at 20 percent after two years of service and an additional 20 percent each year thereafter until 100 percent vested upon six years of service. Participants may become 100 percent vested upon death, disability, or normal retirement age.

4. Roth 401(k) Contribution: Participants may designate some or all of their deferrals as after-tax Roth contributions.

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