BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

BURKE, WARREN, MACKAY & SERRITELLA, P.C. provides the following retirement savings benefits to its employees:

BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST is $599,332.00

BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST is $9,091.00. 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.
581,883.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,091.00 in BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST, 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 BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST

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’.

BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST allocates $1,634,695.00 to match its employees' contributions, providing an employer match rate of 130.76% of their contributions

BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST is approximately $12,384.00
Investing in this additonal $12,384.00 for 20 years would give you extra $792,579.00, assuming a 10% annual return.

BURKE, WARREN, MACKAY & SERRITELLA, P.C. PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute between 1% and 100% of their annual compensation up to the maximum amount allowed by the IRC.

2. Employer Match/Contribution Conditions: The Plan sponsor may make a discretionary contribution to the Plan at its sole discretion, determined on an annual basis. A participant must be employed at the end of the plan year and have completed 1,000 hours of service to be eligible.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the employer’s discretionary contribution portion is based on years of service; participants are 100% vested after two years of credited service. Eligibility requires completing at least one year of service (minimum of 1,000 hours) and being age 21 or older.

4. The plan allows Roth 401(k) contributions.

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