DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Contribution & Employer Match

DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Contribution & Employer Match

DEBEVOISE & PLIMPTON LLP provides the following retirement savings benefits to its employees:

DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF is $326,366.00

DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF is $9,310.00. 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.
595,901.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,310.00 in DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF, 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 DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF

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’.

DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Total Employer Contribution and Match Rate

In 2023, DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF allocates $6,745,697.00 to match its employees' contributions, providing an employer match rate of 71.77% of their contributions

DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF is approximately $6,449.00
Investing in this additonal $6,449.00 for 20 years would give you extra $412,738.00, assuming a 10% annual return.

DEBEVOISE & PLIMPTON LLP CASH OR DEFERRED PLAN FOR PARTNERS AND STAFF Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 50% of their compensation, not exceeding $20,500 in 2022, with an additional $6,500 "catch up" contribution for those age 50 and over.

2. Employer Match/Contribution Conditions: The employer provides contributions of up to 9%, scaled based on age and date of hire, of covered compensation.

3. Vesting Schedule/Eligibility: Employees are fully vested in their own contributions at all times. Employer contributions are 100% vested upon completion of three years of service. Participants are eligible to participate one month after hire.

4. Roth 401(k) contribution: Yes, the plan allows Roth contributions.

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