THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Contribution & Employer Match
THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Contribution & Employer Match
THOMAS, THOMAS & HAFER, LLP provides the following retirement savings benefits to its employees:
THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Average Participant Retirement Account Value
THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Estimated Average Employee Contribution Amount
419,225.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,550.00 in THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN, 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 THOMAS, THOMAS & HAFER, LLP RETIREMENT 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’.
THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Total Employer Contribution and Match Rate
THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $7,334.00 for 20 years would give you extra $469,406.00, assuming a 10% annual return.
THOMAS, THOMAS & HAFER, LLP RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 50% of eligible compensation.
2. Employer Match/Contribution Conditions: The Company makes a safe harbor non-elective contribution of 3% of eligible compensation and may make discretionary employer profit sharing contributions.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and the Company's safe harbor non-elective contributions. For discretionary Company contributions, participants receive 20% vesting for each year of service, becoming fully vested after five years of service.
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