TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 Contribution & Employer Match

TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 Contribution & Employer Match

TAFT STETTINIUS & HOLLISTER LLP provides the following retirement savings benefits to its employees:

TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 is $2,587.00. 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.
165,600.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,587.00 in TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2, 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 TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2

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’.

TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 Total Employer Contribution and Match Rate

In 2022, TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 allocates $7,296,797.00 to match its employees' contributions, providing an employer match rate of 458.54% of their contributions

TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 is approximately $11,582.00
Investing in this additonal $11,582.00 for 20 years would give you extra $741,261.00, assuming a 10% annual return.

TAFT STETTINIUS & HOLLISTER LLP THRIFT SAVINGS & RETIREMENT PLAN - PLAN 2 Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 85% of their eligible annual compensation, subject to the maximum annual amount permitted under Section 402(g) of the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Firm generally made a contribution of 5.0% of compensation for non-partner participants. For partner participants and certain other participants, contributions were made within a tiered structure of 5.0% to 13.5% of compensation.

3. Vesting Schedule/Eligibility: Active participants are vested immediately in their contributions and the Firm’s contributions plus actual earnings thereon. Participants become eligible for the Firm’s discretionary contributions after completing one year of service.

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