PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

PHILLIPS MURRAH, P.C. provides the following retirement savings benefits to its employees:

PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN is $284,023.00

PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN is $8,461.00. 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.
541,528.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,461.00 in PHILLIPS MURRAH P.C. 401(K) 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 PHILLIPS MURRAH P.C. 401(K) 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’.

PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN allocates $854,267.00 to match its employees' contributions, providing an employer match rate of 78.57% of their contributions

PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN is approximately $6,571.00
Investing in this additonal $6,571.00 for 20 years would give you extra $420,562.00, assuming a 10% annual return.

PHILLIPS MURRAH P.C. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 75% of pretax annual compensation, as defined by the Plan, up to the maximum allowed by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The Company makes a contribution equal to at least 3% of eligible participants’ compensation, with the possibility of an additional discretionary matching contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary and Company safe harbor contributions. Additional Company discretionary contributions vest at a rate of 20% per year after two years of service, reaching 100% vesting after six years of service. Eligibility requires employees to be at least 21 years old and to have completed three months of service.

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

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