PALOMA PARTNERS RETIREMENT PLAN Contribution & Employer Match

PALOMA PARTNERS RETIREMENT PLAN Contribution & Employer Match

PALOMA PARTNERS MANAGEMENT COMPANY provides the following retirement savings benefits to its employees:

PALOMA PARTNERS RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PALOMA PARTNERS RETIREMENT PLAN is $466,598.00

PALOMA PARTNERS RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PALOMA PARTNERS RETIREMENT PLAN is $9,626.00. 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.
616,115.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,626.00 in PALOMA PARTNERS 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 PALOMA PARTNERS 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’.

PALOMA PARTNERS RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, PALOMA PARTNERS RETIREMENT PLAN allocates $1,351,733.00 to match its employees' contributions, providing an employer match rate of 77.58% of their contributions

PALOMA PARTNERS RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PALOMA PARTNERS RETIREMENT PLAN is approximately $7,813.00
Investing in this additonal $7,813.00 for 20 years would give you extra $500,063.00, assuming a 10% annual return.

PALOMA PARTNERS RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 20 percent of their pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The Company matches 100% of the participants’ pre-tax contributions to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and earnings. For employer contributions, they become 20 percent vested each year after completing 2 years of service, becoming 100 percent vested after five and a half years. A year of service is credited to a participant with at least 1,000 hours of service.

4. Yes, it allows Roth 401(k) contributions.

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