K&L GATES 401(K) PLAN ALPHA Contribution & Employer Match

K&L GATES 401(K) PLAN ALPHA Contribution & Employer Match

K&L GATES LLP provides the following retirement savings benefits to its employees:

K&L GATES 401(K) PLAN ALPHA Average Participant Retirement Account Value

In 2023, the average participant retirement account value for K&L GATES 401(K) PLAN ALPHA is $376,211.00

K&L GATES 401(K) PLAN ALPHA Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for K&L GATES 401(K) PLAN ALPHA is $9,372.00. 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.
599,850.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,372.00 in K&L GATES 401(K) PLAN ALPHA, 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 K&L GATES 401(K) PLAN ALPHA

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’.

K&L GATES 401(K) PLAN ALPHA Total Employer Contribution and Match Rate

In 2023, K&L GATES 401(K) PLAN ALPHA allocates $8,193,210.00 to match its employees' contributions, providing an employer match rate of 40.67% of their contributions

K&L GATES 401(K) PLAN ALPHA Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in K&L GATES 401(K) PLAN ALPHA is approximately $3,685.00
Investing in this additonal $3,685.00 for 20 years would give you extra $235,881.00, assuming a 10% annual return.

K&L GATES 401(K) PLAN ALPHA Contribution & Match Policy

1. Employee Contribution Rates: Up to 75% of annual compensation.

2. Employer Match/Contribution Conditions: The Firm may make a profit-sharing contribution at its sole discretion, with a profit-sharing contribution rate of 5% of eligible participants’ compensation up to the statutory limit. Employees must have two years of service, work at least 1,000 hours in the Plan year, be at least 21 years of age, and be active on December 31 of the Plan year to receive this contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and all Firm contributions plus actual earnings. Eligibility for profit-sharing contributions requires two years of service, 1,000 hours worked in the Plan year, and being at least 21 years of age.

4. Roth 401(k) contribution: Allowed.

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