WICKER SMITH 401(K) PLAN I Contribution & Employer Match

WICKER SMITH 401(K) PLAN I Contribution & Employer Match

WICKER, SMITH, OHARA, MCCOY & FORD, P.A. provides the following retirement savings benefits to its employees:

WICKER SMITH 401(K) PLAN I Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WICKER SMITH 401(K) PLAN I is $61,793.00

WICKER SMITH 401(K) PLAN I Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WICKER SMITH 401(K) PLAN I is $4,347.00. 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.
278,239.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,347.00 in WICKER SMITH 401(K) PLAN I, 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 WICKER SMITH 401(K) PLAN I

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’.

WICKER SMITH 401(K) PLAN I Total Employer Contribution and Match Rate

In 2023, WICKER SMITH 401(K) PLAN I allocates $309,986.00 to match its employees' contributions, providing an employer match rate of 20.64% of their contributions

WICKER SMITH 401(K) PLAN I Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WICKER SMITH 401(K) PLAN I is approximately $849.00
Investing in this additonal $849.00 for 20 years would give you extra $54,353.00, assuming a 10% annual return.

WICKER SMITH 401(K) PLAN I Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible annual compensation, subject to the maximum deferral amount allowed by the Internal Revenue Code, which was $20,500 for the year ended December 31, 2022, with an additional $6,500 for those aged fifty or over.

2. Employer Match/Contribution Conditions: The employer matches 33% of each participant’s deferral, up to a maximum of 1.98% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and Rollovers. For employer contributions, the vesting schedule is: 0% for less than 2 years, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6 years. Participants become 100% vested in employer contributions upon death or total disability.

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