WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Contribution & Employer Match

WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Contribution & Employer Match

WILLIAMS, KASTNER & GIBBS PLLC provides the following retirement savings benefits to its employees:

WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN is $370,084.00

WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN is $5,044.00. 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.
322,836.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,044.00 in WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT 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 WILLIAMS, KASTNER & GIBBS PLLC 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’.

WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN allocates $1,021,049.00 to match its employees' contributions, providing an employer match rate of 137.23% of their contributions

WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN is approximately $6,806.00
Investing in this additonal $6,806.00 for 20 years would give you extra $435,647.00, assuming a 10% annual return.

WILLIAMS, KASTNER & GIBBS PLLC RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 75 percent of eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 25 percent of participant salary deferrals, up to 4 percent of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately eligible to participate; they must complete at least one year of service (1,000 hours) and be employed as of the last day of the plan year to receive employer matching contributions. For employer profit sharing contributions, participants must complete at least two years of service and be employed as of the last day of the plan year. All contributions are 100 percent vested at all times.

4. Roth 401(k) Contribution: The plan allows Roth elective deferrals.

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