PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

PERKINS&WILL, INC. provides the following retirement savings benefits to its employees:

PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN is $121,243.00

PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN is $7,372.00. 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.
471,848.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,372.00 in PERKINS&WILL, INC. RETIREMENT SAVINGS 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 PERKINS&WILL, INC. RETIREMENT SAVINGS 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’.

PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN allocates $6,279,688.00 to match its employees' contributions, providing an employer match rate of 29.72% of their contributions

PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN is approximately $2,080.00
Investing in this additonal $2,080.00 for 20 years would give you extra $133,167.00, assuming a 10% annual return.

PERKINS&WILL, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of eligible compensation, not to exceed a maximum of $20,500 in 2022, plus catch-up contributions of $6,500 for those participants who have attained age 50.

2. Employer Match/Contribution Conditions: The employer matches 40% of a participant’s elective deferrals up to a maximum of 6% of the participant’s total eligible compensation, subject to IRS limits.

3. Vesting Schedule/Eligibility: Company discretionary matching and profit-sharing contributions vest 20% per year and are fully vested after 5 years of service with at least 1,000 hours of service credited in each calendar year.

4. The plan allows Roth 401(k) contribution.

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