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SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Contribution & Employer Match

SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Contribution & Employer Match

SHARTSIS FRIESE LLP provides the following retirement savings benefits to its employees:

SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN is $849,019.00

SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN is $12,387.00. 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.
792,813.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,387.00 in SHARTSIS FRIESE LLP PROFIT SHARING/401(K) 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 SHARTSIS FRIESE LLP PROFIT SHARING/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’.

SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN allocates $2,189,170.00 to match its employees' contributions, providing an employer match rate of 123.15% of their contributions

SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN is approximately $15,308.00
Investing in this additonal $15,308.00 for 20 years would give you extra $979,768.00, assuming a 10% annual return.

SHARTSIS FRIESE LLP PROFIT SHARING/401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute an amount of eligible pre-tax annual compensation not to exceed the maximum statutory amount, with a deferral rate of 3% of eligible compensation for automatic enrollment.

2. Employer Match/Contribution Conditions: The employer provides a discretionary matching contribution and/or a discretionary profit sharing contribution subject to eligibility requirements. No discretionary matching contribution was made for 2022.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions and rollover amounts immediately. Vesting in discretionary matching contributions and discretionary profit sharing contributions is 20% per year starting after two years, with full vesting after six years. Participants become fully vested upon death, disability, normal retirement age, or plan termination.

4. Roth 401(k) Contribution: The Plan allows for Roth deferral contributions.

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