ROBINSON & COLE EMPLOYEE SAVINGS PLAN Contribution & Employer Match

ROBINSON & COLE EMPLOYEE SAVINGS PLAN Contribution & Employer Match

ROBINSON & COLE LLP provides the following retirement savings benefits to its employees:

ROBINSON & COLE EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ROBINSON & COLE EMPLOYEE SAVINGS PLAN is $116,017.00

ROBINSON & COLE EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ROBINSON & COLE EMPLOYEE SAVINGS PLAN is $8,992.00. 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.
575,536.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,992.00 in ROBINSON & COLE EMPLOYEE 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 ROBINSON & COLE EMPLOYEE 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’.

ROBINSON & COLE EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ROBINSON & COLE EMPLOYEE SAVINGS PLAN allocates $153,188.00 to match its employees' contributions, providing an employer match rate of 7.87% of their contributions

ROBINSON & COLE EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ROBINSON & COLE EMPLOYEE SAVINGS PLAN is approximately $668.00
Investing in this additonal $668.00 for 20 years would give you extra $42,812.00, assuming a 10% annual return.

ROBINSON & COLE EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 30% of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The Firm contributes matching contributions equal to 25% of certain participant’s salary deferral contribution or Roth contributions, up to 6% of the participant’s compensation for the plan year, up to a maximum of $1,000 per participant in a plan year. Additionally, the Firm contributes 100% of the first 1% of salary deferral or Roth contributions and 50% of the next 5% of the participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately. For employer matching and discretionary contributions, vesting is based on credited years of service: 0% for less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years or more.

4. Allows Roth 401(k) contribution: Yes.

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