FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Contribution & Employer Match

FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Contribution & Employer Match

FORDHARRISON LLP provides the following retirement savings benefits to its employees:

FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN is $212,701.00

FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN is $5,743.00. 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.
367,585.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,743.00 in FORDHARRISON PARTNER & STAFF 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 FORDHARRISON PARTNER & STAFF 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’.

FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN allocates $1,684,085.00 to match its employees' contributions, providing an employer match rate of 110.86% of their contributions

FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN is approximately $7,869.00
Investing in this additonal $7,869.00 for 20 years would give you extra $503,651.00, assuming a 10% annual return.

FORDHARRISON PARTNER & STAFF PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 100% of their Plan compensation, subject to the statutory limit set by the Internal Revenue Code (IRC), which was $20,500 for 2022.

2. Employer Match/Contribution Conditions: The employer matches 50% of the participants’ elective deferral contributions not in excess of 1.50% of eligible compensation and is made to all participants who are employed on the last day of the Plan year and have completed 1,000 hours of service.

3. Vesting Schedule/Eligibility: Employees are immediately vested in their elective deferral contributions and rollover balances. New entrants after January 1, 2020 vest in employer contributions over a two to six year graded vesting scale; employees who participated between January 1, 2017 and January 1, 2020 vest at 25% per year until fully vested after four years.

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

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