ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Contribution & Employer Match

ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Contribution & Employer Match

ORRICK, HERRINGTON & SUTCLIFFE LLP provides the following retirement savings benefits to its employees:

ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN is $379,390.00

ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN is $11,987.00. 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.
767,194.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,987.00 in ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT 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 ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT 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’.

ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN allocates $27,404,793.00 to match its employees' contributions, providing an employer match rate of 85.26% of their contributions

ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN is approximately $9,776.00
Investing in this additonal $9,776.00 for 20 years would give you extra $625,724.00, assuming a 10% annual return.

ORRICK, HERRINGTON & SUTCLIFFE LLP RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary up to the limits permitted by statute, with a limit of $20,500 for 2022 and $19,500 for 2021.

2. Employer Match/Contribution Conditions: The employer matches 50% of the first 1.5% of total compensation deferred for non-attorney staff participants. Non-elective contributions for non-attorney staff are 7.5% of eligible pre-tax compensation, up to a maximum of $22,875 for 2022 and $21,750 for 2021. Employers also contribute based on certain eligibility conditions.

3. Vesting Schedule/Eligibility: All participants are 100% vested. Employees classified as temporary, limited, or contract employees are required to complete one year of service for participation.

4. Roth 401(k) contribution: The plan allows Roth after-tax deferrals.

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