LITTLER MENDELSON 401(K) PLAN AND TRUST Contribution & Employer Match

LITTLER MENDELSON 401(K) PLAN AND TRUST Contribution & Employer Match

LITTLER MENDELSON, P.C. provides the following retirement savings benefits to its employees:

LITTLER MENDELSON 401(K) PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LITTLER MENDELSON 401(K) PLAN AND TRUST is $294,337.00

LITTLER MENDELSON 401(K) PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LITTLER MENDELSON 401(K) PLAN AND TRUST is $9,570.00. 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.
612,492.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,570.00 in LITTLER MENDELSON 401(K) PLAN AND TRUST, 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 LITTLER MENDELSON 401(K) PLAN AND TRUST

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’.

LITTLER MENDELSON 401(K) PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, LITTLER MENDELSON 401(K) PLAN AND TRUST allocates $28,023,472.00 to match its employees' contributions, providing an employer match rate of 96.20% of their contributions

LITTLER MENDELSON 401(K) PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LITTLER MENDELSON 401(K) PLAN AND TRUST is approximately $8,851.00
Investing in this additonal $8,851.00 for 20 years would give you extra $566,488.00, assuming a 10% annual return.

LITTLER MENDELSON 401(K) PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the limits imposed by Section 402(g) of the IRC, with automatic enrollment starting at 3%.

2. Employer Match/Contribution Conditions: The employer matches 50% of elective deferrals limited to 5% of eligible compensation. For the year ended December 31, 2022, the employer made a non-elective contribution of 7.5% of eligible compensation and 5% of eligible compensation above the social security wage base.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 0% vested after less than 3 years of service and 100% vested after 3 years. To be eligible for employer contributions, participants must have 1,000 hours of service during the Plan year. Associates are not eligible for these contributions.

4. Roth 401(k) contribution: The Plan allows for Roth elective deferrals.

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