THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Contribution & Employer Match

PARKER POE ADAMS & BERNSTEIN LLP provides the following retirement savings benefits to its employees:

THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN is $295,966.00

THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN is $10,453.00. 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.
669,027.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,453.00 in THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING 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 PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING 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 PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN allocates $4,616,893.00 to match its employees' contributions, providing an employer match rate of 73.43% of their contributions

THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN is approximately $7,316.00
Investing in this additonal $7,316.00 for 20 years would give you extra $468,274.00, assuming a 10% annual return.

THE PARKER POE ADAMS & BERNSTEIN LLP 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. **Employee Contribution Rates:** Employees can contribute up to 50 percent of their eligible compensation.

2. **Employer Match/Contribution Conditions:** The employer makes a discretionary matching contribution equal to 25 percent of deferral contributions, up to the first 6 percent of eligible participants’ compensation, and does not match for partners, law school graduates in attorney roles, or highly compensated employees.

3. **Vesting Schedule/Eligibility:** Vesting is full and immediate for all contributions. Employees are eligible to participate in employer contributions after attaining age 21 and completing one year of service (1,000 hours in the first 12-month period).

4. **Roth 401(k) Contribution:** The plan allows participants to designate their elective deferrals as after-tax Roth contributions.

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