PORTER HEDGES SALARY DEFERRAL 401(K) PLAN Contribution & Employer Match

PORTER HEDGES SALARY DEFERRAL 401(K) PLAN Contribution & Employer Match

PORTER HEDGES LLP provides the following retirement savings benefits to its employees:

PORTER HEDGES SALARY DEFERRAL 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PORTER HEDGES SALARY DEFERRAL 401(K) PLAN is $300,252.00

PORTER HEDGES SALARY DEFERRAL 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PORTER HEDGES SALARY DEFERRAL 401(K) PLAN is $10,981.00. 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.
702,828.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,981.00 in PORTER HEDGES SALARY DEFERRAL 401(K) 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 PORTER HEDGES SALARY DEFERRAL 401(K) 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’.

PORTER HEDGES SALARY DEFERRAL 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 10% of their eligible pay.

2. Vesting Schedule/Eligibility: Employer contributions are vested based on years of service: less than 1 year - 0%, 1 year - 33%, 2 years - 67%, 3 or more years - 100%. Eligibility requires non-equity partners and certain attorney employees to complete one month of service and attain age 21.

3. Roth 401(k) contribution: Allowed.

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