STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Contribution & Employer Match
STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Contribution & Employer Match
STRADLEY, RONON, STEVENS & YOUNG, LLP provides the following retirement savings benefits to its employees:
STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Average Participant Retirement Account Value
STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Estimated Average Employee Contribution Amount
558,624.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,728.00 in STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I, assuming a 10%* annual return.
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 STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I
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’.
STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Total Employer Contribution and Match Rate
STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Estimated Average Employer Match
Investing in this additonal $7,303.00 for 20 years would give you extra $467,396.00, assuming a 10% annual return.
STRADLEY, RONON, STEVENS & YOUNG, LLP RETIREMENT PLAN I Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 100% of pre-tax annual compensation up to the maximum limits of the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The employer contributes for each eligible participant whose social security number ends with an odd number, 5% of the participant's compensation up to the social security taxable wage base and an additional 8.00% of compensation that exceeds the social security taxable wage base.
3. Vesting Schedule/Eligibility: A participant's interest in all elective deferral contributions is fully vested at all times. For sponsor contributions, a participant who attained age 21 and completed at least two years of service prior to July 1, 2012 is fully vested. All other participants must satisfy a three-year cliff vesting requirement.
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