BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS PLAN Contribution & Employer Match
BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS PLAN Contribution & Employer Match
BERNTSON PORTER & COMPANY, PLLC provides the following retirement savings benefits to its employees:
BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount
193,228.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,019.00 in BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS 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 BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS 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’.
BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate
BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $587.00 for 20 years would give you extra $37,618.00, assuming a 10% annual return.
BERNTSON PORTER & COMPANY, PLLC 401(K) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100 percent of pretax annual compensation.
2. Employer Match/Contribution Conditions: Matching contributions at 30 percent of the first six percent of eligible compensation contributed during 2020 and three percent of eligible compensation contributed during 2021.
3. Vesting Schedule/Eligibility: Participants are fully vested in their contributions plus actual earnings immediately. Employer contributions are vested at 100 percent after six years of credited service.
4. Roth 401(k) Contribution: Yes, it allows Roth 401(k) contributions.
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