MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Contribution & Employer Match

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Contribution & Employer Match

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC provides the following retirement savings benefits to its employees:

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST is $90,271.00

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST is $3,994.00. 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.
255,618.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,994.00 in MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 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 MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 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’.

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST allocates $592,183.00 to match its employees' contributions, providing an employer match rate of 81.02% of their contributions

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST is approximately $3,183.00
Investing in this additonal $3,183.00 for 20 years would give you extra $203,761.00, assuming a 10% annual return.

MITCHELL WILLIAMS SELIG GATES & WOODYARD PLLC EMPLOYEES' 401(K) PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their annual compensation not to exceed the limit set by the Internal Revenue Code, which was $20,500 in 2022 and $19,500 in 2021.

2. Employer Match/Contribution Conditions: The Employer matching contribution is 33.33% of employee contributions. The total employee contribution eligible for the match is 6% of plan compensation. Safe harbor contributions are made in an amount not less than 3% of plan compensation. Profit-sharing contributions for any participant in any plan year will not be less than 2%.

3. Vesting Schedule/Eligibility: A participant is 100 percent vested in their contributions, employer safe harbor contributions, and any earnings thereon immediately. Vesting in the portion of their account attributable to the Employer’s matching contribution and profit-sharing contribution is based on years of service; a participant is 100 percent vested after three years of service. A participant will also become fully vested upon death, disability, or retirement at age 65 or older.

4. Roth 401(k) Contribution: The Plan allows pre-tax and Roth 401(k) contributions.

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