SCHIFF HARDIN LLP INCENTIVE SAVINGS 401(K) PLAN Contribution & Employer Match

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SCHIFF HARDIN LLP INCENTIVE SAVINGS 401(K) PLAN Contribution & Employer Match

ARENTFOX SCHIFF LLP provides the following retirement savings benefits to its employees:

SCHIFF HARDIN LLP INCENTIVE SAVINGS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SCHIFF HARDIN LLP INCENTIVE SAVINGS 401(K) PLAN is $321,300.00

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 SCHIFF HARDIN LLP INCENTIVE SAVINGS 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’.

SCHIFF HARDIN LLP INCENTIVE SAVINGS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage determined by the participant, subject to statutory limitations.

2. Employer Match/Contribution Conditions: The Firm matches contributions at a percentage of the participant’s tax deferred savings contributions, not to exceed 1.5% of eligible compensation.

3. Roth 401(k) contribution: Yes, the plan allows post-tax contributions credited to a “Designated Roth Contribution Account.”

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