CHAPMAN AND CUTLER LLP RETIREMENT PLAN Contribution & Employer Match
CHAPMAN AND CUTLER LLP RETIREMENT PLAN Contribution & Employer Match
CHAPMAN AND CUTLER LLP provides the following retirement savings benefits to its employees:
CHAPMAN AND CUTLER LLP RETIREMENT PLAN Average Participant Retirement Account Value
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 CHAPMAN AND CUTLER 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’.
CHAPMAN AND CUTLER LLP RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $16,608.00 for 20 years would give you extra $1,062,921.00, assuming a 10% annual return.
CHAPMAN AND CUTLER LLP RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary, but the specific percentage is not stated.
2. Employer Match/Contribution Conditions: The Partnership contributes a discretionary amount based on a percentage of each participant’s eligible compensation, but the specific percentage and maximum amount are not stated.
3. Vesting Schedule/Eligibility: Each participant is 100% vested in all contributions made to their account. Eligibility requires completion of one year of service and attainment of age 21.
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