SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

SULLIVAN & WORCESTER LLP provides the following retirement savings benefits to its employees:

SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN is $364,067.00

SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN is $9,975.00. 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.
638,407.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,975.00 in SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT 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 SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT 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’.

SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2023, SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN allocates $184,630.00 to match its employees' contributions, providing an employer match rate of 6.16% of their contributions

SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN is approximately $621.00
Investing in this additonal $621.00 for 20 years would give you extra $39,785.00, assuming a 10% annual return.

SULLIVAN & WORCESTER LLP SAVINGS AND INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 100% of their gross compensation up to the maximum amount allowed for federal income tax purposes.

2. Employer Match/Contribution Conditions: The Firm may contribute amounts on a discretionary basis to those who are partners or employees on the last day of the Plan year and who have completed 1,000 hours of service for the Plan year.

3. Vesting Schedule/Eligibility: Participants become fully vested in Firm contributions after three years of service. A participant also becomes fully vested upon reaching normal retirement age or upon death prior to termination of employment.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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