WILEY REIN LLP RETIREMENT PLAN Contribution & Employer Match
WILEY REIN LLP RETIREMENT PLAN Contribution & Employer Match
WILEY REIN LLP provides the following retirement savings benefits to its employees:
WILEY REIN LLP RETIREMENT PLAN Average Participant Retirement Account Value
WILEY REIN LLP RETIREMENT PLAN Estimated Average Employee Contribution Amount
525,622.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,212.00 in WILEY REIN 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 WILEY REIN 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’.
WILEY REIN LLP RETIREMENT PLAN Total Employer Contribution and Match Rate
WILEY REIN LLP RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $7,856.00 for 20 years would give you extra $502,802.00, assuming a 10% annual return.
WILEY REIN LLP RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of their eligible compensation on an annual basis, not to exceed the allowable limit set by the IRS.
2. Employer Match/Contribution Conditions: The employer may make a discretionary profit-sharing contribution annually, with eligible participants who are not attorneys receiving 8%, those who are attorneys earning less than or equal to the IRC Section 401(a)(17) limit receiving 13.1%, and attorneys with compensation exceeding that limit receiving 13.28%.
3. Vesting Schedule/Eligibility: The employer's matching contributions become vested based on completion of years of service: 20% after two years, 40% after three years, 80% after four years, and 100% after five years. Profit-Sharing Contributions are 100% vested at all times. Eligibility for the Profit-Sharing Contribution requires at least two years of service by September 30 of the plan year and employment on the last day of the plan year.
4. Yes, the plan permits employees to designate deferral contributions as Roth 401(k) after-tax contributions.
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