KL&A 401(K) PLAN Contribution & Employer Match
KL&A 401(K) PLAN Contribution & Employer Match
KUNZ LEIGH, & ASSOCIATES provides the following retirement savings benefits to its employees:
KL&A 401(K) PLAN Average Participant Retirement Account Value
KL&A 401(K) PLAN Estimated Average Employee Contribution Amount
599,746.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,371.00 in KL&A 401(K) 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 KL&A 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’.
KL&A 401(K) PLAN Total Employer Contribution and Match Rate
KL&A 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $4,318.00 for 20 years would give you extra $276,385.00, assuming a 10% annual return.
KL&A 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 90 percent of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer provides a safe harbor contribution of 4 percent of participant compensation.
3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee, rollover, and safe harbor employer contributions. Vesting in discretionary profit-sharing contributions is 20 percent after two years of service and an additional 20 percent per year until fully vested after six years of service.
4. Roth 401(k) Contribution: The plan allows participants to contribute on an after-tax basis.
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