SCHIFF HARDIN LLP PROFESSIONAL RETIREMENT PLAN II Contribution & Employer Match
SCHIFF HARDIN LLP PROFESSIONAL RETIREMENT PLAN II Contribution & Employer Match
ARENTFOX SCHIFF LLP provides the following retirement savings benefits to its employees:
SCHIFF HARDIN LLP PROFESSIONAL RETIREMENT PLAN II Average Participant Retirement Account Value
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 PROFESSIONAL RETIREMENT PLAN II
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 PROFESSIONAL RETIREMENT PLAN II Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollover).
2. Employer Match/Contribution Conditions: The Firm contributes 7.125% of compensation or earned income for equity and special partners, 3.75% for income partners under 55 years of age, 7.125% for income partners who have attained age 55, and not less than 6% for staff employees who meet eligibility requirements.
3. Vesting Schedule/Eligibility: The vesting schedule is 0% for less than 3 years of service and 100% for 3 or more years of service. Eligibility requires individuals to be age 21 or older and have completed one service year.
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