DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II Contribution & Employer Match

DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II Contribution & Employer Match

FAEGRE DRINKER BIDDLE & REATH LLP provides the following retirement savings benefits to its employees:

DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II is $2,679.00. 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.
171,463.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,679.00 in DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II, 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 DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II

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’.

DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II Total Employer Contribution and Match Rate

In 2021, DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II allocates $14,513.00 to match its employees' contributions, providing an employer match rate of 0.52% of their contributions

DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II is approximately $13.00
Investing in this additonal $13.00 for 20 years would give you extra $887.00, assuming a 10% annual return.

DRINKER BIDDLE & REATH LLP RETIREMENT SAVINGS PLAN II Contribution & Match Policy

1. Employee Contribution Rates: Up to 75% of the participant’s salary or earned income.

2. Employer Match/Contribution Conditions: Prior to January 1, 2021, the employer matched 50% of the elective deferral contribution for eligible staff participants who were not lawyers, limited to the first 3% of compensation contributed by the participant to the Plan, not exceeding 1.5% of a participant’s salary. Matching contributions ceased effective January 1, 2021.

3. Vesting Schedule/Eligibility: All employer contributions became vested and nonforfeitable upon completion of three years of vesting service. Eligibility requires the participant to have attained age 21 and completed one year of service.

4. Roth 401(k) Contribution: Yes, the plan allows Roth elective deferral contributions.

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