SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Contribution & Employer Match

SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Contribution & Employer Match

CRAVATH, SWAINE & MOORE LLP provides the following retirement savings benefits to its employees:

SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP is $218,950.00

SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP is $7,560.00. 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.
483,855.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,560.00 in SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP, 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 SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP

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’.

SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Total Employer Contribution and Match Rate

In 2023, SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP allocates $705,148.00 to match its employees' contributions, providing an employer match rate of 8.96% of their contributions

SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP is approximately $675.00
Investing in this additonal $675.00 for 20 years would give you extra $43,227.00, assuming a 10% annual return.

SAVINGS PLAN FOR SENIOR ATTORNEYS AND ASSOCIATES OF CRAVATH, SWAINE & MOORE LLP Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a maximum of $20,500 for 2022 or 100% of their total compensation.

2. Employer Match/Contribution Conditions: The employer contributes equal to 7.5% of annual compensation for designated associates (up to a maximum of $305,000 in annual compensation for 2022).

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 20% vested after two years of service, increasing 20% per year until fully vested after six years of service. Participants are immediately vested in their own contributions. Eligibility for non-elective Firm contributions requires attainment of age 21 and completion of one year of service.

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

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