SAVILLE, DODGEN & COMPANY 401K PLAN Contribution & Employer Match

SAVILLE, DODGEN & COMPANY 401K PLAN Contribution & Employer Match

SAVILLE DODGEN & COMPANY, PLLC provides the following retirement savings benefits to its employees:

SAVILLE, DODGEN & COMPANY 401K PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SAVILLE, DODGEN & COMPANY 401K PLAN is $65,357.00

SAVILLE, DODGEN & COMPANY 401K PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SAVILLE, DODGEN & COMPANY 401K PLAN is $5,579.00. 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.
357,112.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,579.00 in SAVILLE, DODGEN & COMPANY 401K 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 SAVILLE, DODGEN & COMPANY 401K 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’.

SAVILLE, DODGEN & COMPANY 401K PLAN Total Employer Contribution and Match Rate

In 2022, SAVILLE, DODGEN & COMPANY 401K PLAN allocates $456,998.00 to match its employees' contributions, providing an employer match rate of 51.84% of their contributions

SAVILLE, DODGEN & COMPANY 401K PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SAVILLE, DODGEN & COMPANY 401K PLAN is approximately $2,820.00
Investing in this additonal $2,820.00 for 20 years would give you extra $180,542.00, assuming a 10% annual return.

SAVILLE, DODGEN & COMPANY 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute a percentage or dollar amount of their eligible compensation as defined by the Plan.

2. Employer Match/Contribution Conditions: The Company makes a safe harbor matching contribution equal to 100 percent of the first 3 percent of total eligible compensation contributed and 50 percent of the next 2 percent of total eligible compensation contributed.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their individual contributions and the employer safe harbor matching contributions. Vesting in the Company’s discretionary employer matching contributions is 100 percent after six years of credited service. Eligibility requires participants to be age 21 or older and have completed one year of service with at least 1,000 hours.

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