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MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Contribution & Employer Match

MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Contribution & Employer Match

MUSICK, PEELER & GARRETT LLP provides the following retirement savings benefits to its employees:

MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM is $519,154.00

MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM is $7,631.00. 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.
488,443.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,631.00 in MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM, 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 MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM

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’.

MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Total Employer Contribution and Match Rate

In 2023, MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM allocates $4,129,979.00 to match its employees' contributions, providing an employer match rate of 225.95% of their contributions

MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM is approximately $17,499.00
Investing in this additonal $17,499.00 for 20 years would give you extra $1,119,994.00, assuming a 10% annual return.

MUSICK, PEELER & GARRETT LLP EMPLOYEE ASSET ACCUMULATION PROGRAM Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 90% of pretax and/or Roth annual compensation.

2. Employer Match/Contribution Conditions: The employer contributes a discretionary profit-sharing cash contribution not to exceed the maximum allowed under the Internal Revenue Code. Contributions are allocated to employee-participants who have worked at least 1,000 hours during the Plan year and are employed at the Plan year-end.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferrals, rollover contributions, and qualified non-elective employer contributions. Vesting in Company profit-sharing contributions is as follows: 33% after 1 year, 66% after 2 years, and 100% after 3 years. Company contributions also become 100% vested upon reaching normal retirement age (59½) and 5 years of participation, or upon death or disability.

4. Roth 401(k) Contribution: Yes, the plan allows Roth after-tax elective deferrals.

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