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MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Contribution & Employer Match

MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Contribution & Employer Match

MUNSCH HARDT KOPF & HARR, P.C. provides the following retirement savings benefits to its employees:

MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN is $273,923.00

MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN is $13,596.00. 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.
870,165.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,596.00 in MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING 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 MUNSCH HARDT KOPF & HARR, P.C. 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’.

MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN allocates $1,527,614.00 to match its employees' contributions, providing an employer match rate of 35.00% of their contributions

MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN is approximately $4,377.00
Investing in this additonal $4,377.00 for 20 years would give you extra $280,135.00, assuming a 10% annual return.

MUNSCH HARDT KOPF & HARR, P.C. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Qualified employees may contribute a percentage of their pretax annual compensation.

2. Employer Match/Contribution Conditions: The Firm makes contributions to the Plan for the benefit of certain employees on a discretionary basis.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participants vest in Firm contributions at 20% per year after two years of service and are fully vested after six years of service.

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