DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Contribution & Employer Match

DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Contribution & Employer Match

DUFFY KRUSPODIN, LLP provides the following retirement savings benefits to its employees:

DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN is $91,364.00

DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN is $9,264.00. 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.
592,955.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,264.00 in DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING 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 DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING 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’.

DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN allocates $117,672.00 to match its employees' contributions, providing an employer match rate of 7.82% of their contributions

DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN is approximately $680.00
Investing in this additonal $680.00 for 20 years would give you extra $43,531.00, assuming a 10% annual return.

DUFFY KRUSPODIN, LLP 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute any amount of pretax annual compensation as defined in the Plan, subject to the maximum amount allowable by the Internal Revenue Service (“IRS”).

2. Employer Match/Contribution Conditions: For each Plan year, the Company may elect to match a uniform percentage as determined each year by the employer.

3. Vesting Schedule/Eligibility: Vesting in the Company’s employer matching and profit-sharing contributions is based on years of continuous service: 1 year - 25%, 2 years - 50%, 3 years - 75%, 4 years - 100%. Participants become 100% vested upon death, disability as defined by the Plan, or normal retirement age (65). Eligibility requirements are completion of three months of service and being 21 years of age or older.

4. It allows Roth 401(k) contribution.

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