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KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Contribution & Employer Match

KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Contribution & Employer Match

KLARQUIST SPARKMAN, LLP provides the following retirement savings benefits to its employees:

KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN is $344,986.00

KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN is $7,910.00. 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.
506,299.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,910.00 in KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT 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 KLARQUIST SPARKMAN, LLP 401(K) 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’.

KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN allocates $2,635,160.00 to match its employees' contributions, providing an employer match rate of 173.04% of their contributions

KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN is approximately $13,045.00
Investing in this additonal $13,045.00 for 20 years would give you extra $834,902.00, assuming a 10% annual return.

KLARQUIST SPARKMAN, LLP 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 90% of their compensation, subject to certain maximum limitations imposed by Section 402(g) of the IRC.

2. Employer Match/Contribution Conditions: The Company makes a safe harbor contribution of 100% of the participant's deferral up to 3% of the participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferrals, including catch-up contributions, rollover contributions from other plans, as well as all employer contributions and actual earnings thereon. Eligibility requires 2 months of service and being at least 21 years old, with exclusions for certain categories such as members of collective bargaining agreements and leased employees.

4. Roth 401(k) contribution: Yes, the plan allows Roth deferrals.

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