PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 401(K) PLAN Contribution & Employer Match
PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 401(K) PLAN Contribution & Employer Match
PROCOPIO, CORY, HARGREAVES & SAVITCH LLP provides the following retirement savings benefits to its employees:
PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 401(K) PLAN Average Participant Retirement Account Value
PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 401(K) PLAN Estimated Average Employee Contribution Amount
548,842.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,575.00 in PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 401(K) PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 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’.
PROCOPIO, CORY, HARGREAVES & SAVITCH LLP NONPARTNER ATTORNEY 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a specified percent of pretax annual compensation, subject to limits of the tax law.
2. Employer Match/Contribution Conditions: The Partnership may elect to make a discretionary contribution for eligible participants during the Plan year; however, no contributions were made in 2021.
3. Vesting Schedule/Eligibility: Participants become 100% vested in their accounts upon Plan termination. Eligibility requires the employee to be a licensed lawyer or recognized as a Foreign Legal Consultant by the California State Bar and meet other specific employment criteria.
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