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MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Contribution & Employer Match

MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Contribution & Employer Match

MCGRATH NORTH MULLIN & KRATZ, PC LLO provides the following retirement savings benefits to its employees:

MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN is $609,073.00

MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN is $8,933.00. 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.
571,755.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,933.00 in MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 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 MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 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’.

MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN allocates $1,277,383.00 to match its employees' contributions, providing an employer match rate of 107.51% of their contributions

MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN is approximately $9,751.00
Investing in this additonal $9,751.00 for 20 years would give you extra $624,064.00, assuming a 10% annual return.

MCGRATH NORTH MULLIN & KRATZ, PC LLO PROFIT SHARING / 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of pretax or after-tax annual compensation, up to IRS-determined limits.

2. Employer Match/Contribution Conditions: The Employer makes an annual non-elective contribution of 3% of employee annual compensation and may also contribute a discretionary profit-sharing contribution of 4% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Employer's safe harbor non-elective contributions. For Employer discretionary profit-sharing contributions, the vesting schedule is as follows: Less than two years is 0%, two years is 20%, three years is 40%, four years is 60%, five years is 80%, and six years is 100%. A year of service for vesting is based on the completion of 1,000 hours of service during the Plan year.

4. Roth 401(k) Contribution: Yes, the Plan allows for after-tax contributions, which include Roth 401(k) contributions.

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