CULLEN AND DYKMAN SAVINGS PLAN I Contribution & Employer Match

CULLEN AND DYKMAN SAVINGS PLAN I Contribution & Employer Match

CULLEN & DYKMAN, LLP provides the following retirement savings benefits to its employees:

CULLEN AND DYKMAN SAVINGS PLAN I Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CULLEN AND DYKMAN SAVINGS PLAN I is $316,932.00

CULLEN AND DYKMAN SAVINGS PLAN I Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CULLEN AND DYKMAN SAVINGS PLAN I is $5,807.00. 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.
371,678.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,807.00 in CULLEN AND DYKMAN SAVINGS PLAN I, 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 CULLEN AND DYKMAN SAVINGS PLAN I

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’.

CULLEN AND DYKMAN SAVINGS PLAN I Total Employer Contribution and Match Rate

In 2023, CULLEN AND DYKMAN SAVINGS PLAN I allocates $875,769.00 to match its employees' contributions, providing an employer match rate of 56.69% of their contributions

CULLEN AND DYKMAN SAVINGS PLAN I Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CULLEN AND DYKMAN SAVINGS PLAN I is approximately $3,267.00
Investing in this additonal $3,267.00 for 20 years would give you extra $209,138.00, assuming a 10% annual return.

CULLEN AND DYKMAN SAVINGS PLAN I Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 25% of eligible annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 25% of the first 6% of eligible compensation contributed by participants each year, excluding catch-up contributions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. For the employer's matching contributions, the vesting schedule is: 0% for less than 1 year, 33.33% for at least 1 but less than 2 years, 66.67% for at least 2 but less than 3 years, and 100% for at least 3 years or more. Eligibility for discretionary contributions requires one year of service and being at least 21 years old.

4. Roth 401(k) Contribution: It allows after-tax (Roth) contributions.

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