THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Contribution & Employer Match

THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Contribution & Employer Match

ANCHIN, BLOCK & ANCHIN LLP provides the following retirement savings benefits to its employees:

THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN is $164,888.00

THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN is $8,984.00. 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.
575,022.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,984.00 in THE ANCHIN, BLOCK & ANCHIN 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 THE ANCHIN, BLOCK & ANCHIN 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’.

THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN allocates $138,876.00 to match its employees' contributions, providing an employer match rate of 2.70% of their contributions

THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN is approximately $226.00
Investing in this additonal $226.00 for 20 years would give you extra $14,475.00, assuming a 10% annual return.

THE ANCHIN, BLOCK & ANCHIN SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute a percentage of their eligible pre-tax compensation up to the amount allowable under current income tax regulations. The auto-enrollment deferral rate is set at 6% of eligible compensation, increasing by 1% annually, capped at a maximum rate of 10%.

2. Employer Match/Contribution Conditions: The Company matches 6.25% of the first 4% of each eligible participant’s contribution. If a participant contributes less than 4% of their compensation to the Plan, the Company matches 6.25% of their contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary deferral and rollover contributions and related earnings. They vest ratably and are fully vested in employer’s discretionary matching contributions after six years of credited service. Participants become fully vested in these contributions upon death or total and permanent disability.

4. Roth 401(k) Contribution: The Plan includes a Roth 401(k) deferral option.

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