CANTEY HANGER 401(K) PLAN Contribution & Employer Match

CANTEY HANGER 401(K) PLAN Contribution & Employer Match

CANTEY HANGER LLP provides the following retirement savings benefits to its employees:

CANTEY HANGER 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CANTEY HANGER 401(K) PLAN is $190,319.00

CANTEY HANGER 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CANTEY HANGER 401(K) PLAN is $3,883.00. 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.
248,541.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,883.00 in CANTEY HANGER 401(K) 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 CANTEY HANGER 401(K) 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’.

CANTEY HANGER 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CANTEY HANGER 401(K) PLAN allocates $218,793.00 to match its employees' contributions, providing an employer match rate of 41.73% of their contributions

CANTEY HANGER 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CANTEY HANGER 401(K) PLAN is approximately $1,585.00
Investing in this additonal $1,585.00 for 20 years would give you extra $101,469.00, assuming a 10% annual return.

CANTEY HANGER 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 90% of their pre-tax annual compensation and up to 100% of any irregular compensation.

2. Employer Match/Contribution Conditions: The Partnership may make discretionary profit sharing contributions, allocated based on the ratio of each participant’s covered compensation for the Plan year to the total covered compensation of all participants for the Plan year. A participant must be employed on the last day of the Plan year and have one year of service to be eligible for the allocation. Additionally, a 3% safe harbor non-elective contribution may be made to all Plan participants, but no such contributions were made during the years ended December 31, 2022, and 2021.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. Vesting in the Partnership contribution portion is as follows: 0% for less than 1 year, 10% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. In the event of disability, early retirement, or death, the participant will become fully vested.

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