MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Contribution & Employer Match

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Contribution & Employer Match

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP provides the following retirement savings benefits to its employees:

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST is $449,693.00

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST is $13,459.00. 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.
861,401.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,459.00 in MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT 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 MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT 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’.

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST allocates $1,039,869.00 to match its employees' contributions, providing an employer match rate of 49.21% of their contributions

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST is approximately $6,340.00
Investing in this additonal $6,340.00 for 20 years would give you extra $405,802.00, assuming a 10% annual return.

MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP SAVINGS AND RETIREMENT PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100 percent of annual compensation.

2. Employer Match/Contribution Conditions: Employer matching contributions were equal to 25 percent of the first 4 percent of employee compensation deferred into the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and all employer contributions made during the Plan year. Participants must be employed by the Partnership on the last day of the Plan year to be eligible for discretionary employer matching and profit-sharing contributions.

4. Roth 401(k) contribution: Yes, the Plan provides for elective Roth contributions.

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