SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

SNELL & WILMER L.L.P. provides the following retirement savings benefits to its employees:

SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN is $336,125.00

SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN is $7,756.00. 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.
496,439.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,756.00 in SNELL & WILMER PROFIT SHARING AND SAVINGS 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 SNELL & WILMER PROFIT SHARING AND SAVINGS 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’.

SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN allocates $11,953,901.00 to match its employees' contributions, providing an employer match rate of 107.65% of their contributions

SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN is approximately $7,843.00
Investing in this additonal $7,843.00 for 20 years would give you extra $502,001.00, assuming a 10% annual return.

SNELL & WILMER PROFIT SHARING AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their annual compensation, subject to annual limitations imposed by the Code.

2. Employer Match/Contribution Conditions: The employer makes discretionary contributions each year, which are subject to certain limitations imposed by the Code.

3. Vesting Schedule/Eligibility: Employees are immediately 100% vested in their elective deferral contributions and rollover contributions. For employees hired or rehired on or after September 3, 2019, they become fully vested in employer contributions regardless of years of service. Employees terminated before that date vest based on years of continued service, becoming 100% vested after six years.

4. Roth 401(k) Contribution: The plan allows Roth contributions, as participants can designate part of their elective deferrals to be treated as Roth contributions.

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