MTO PROFIT SHARING PLAN Contribution & Employer Match
MTO PROFIT SHARING PLAN Contribution & Employer Match
MUNGER, TOLLES & OLSON LLP provides the following retirement savings benefits to its employees:
MTO PROFIT SHARING PLAN Average Participant Retirement Account Value
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 MTO PROFIT SHARING 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’.
MTO PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $8,451.00 for 20 years would give you extra $540,910.00, assuming a 10% annual return.
MTO PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: The Plan does not allow for employee contributions.
2. Employer Match/Contribution Conditions: Non-partner participants received a contribution of 7.50 percent of total eligible compensation plus 5.70 percent of eligible compensation greater than the Social Security Wage Base. Partners received a contribution of 5.71 percent of eligible compensation or an amount sufficient to comply with IRS requirements.
3. Vesting Schedule/Eligibility: Participants are vested immediately in the Firm’s contributions. Eligibility requires completion of two years of service and working at least 1,000 hours.
4. The Plan provides for a Roth IRA option.
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