FTI CONSULTING, INC. 401(K) PLAN Contribution & Employer Match
FTI CONSULTING, INC. 401(K) PLAN Contribution & Employer Match
FTI CONSULTING, INC. provides the following retirement savings benefits to its employees:
FTI CONSULTING, INC. 401(K) PLAN Average Participant Retirement Account Value
FTI CONSULTING, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
764,230.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,941.00 in FTI CONSULTING, INC. 401(K) PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 FTI CONSULTING, INC. 401(K) 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’.
FTI CONSULTING, INC. 401(K) PLAN Total Employer Contribution and Match Rate
FTI CONSULTING, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $6,570.00 for 20 years would give you extra $420,497.00, assuming a 10% annual return.
FTI CONSULTING, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a portion of their annual compensation on a pre-tax or Roth basis, not to exceed the maximum allowable contribution under Section 402(g) of the Internal Revenue Code, which totaled $20,500 for the year ended December 31, 2022.
2. Employer Match/Contribution Conditions: Participant contributions are matched at 84% of the first 6% of annual compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. For employer contributions, participants hired on or after January 1, 2020 are vested based on years of service according to the following schedule: Less than 1 year: 0%; 1 year: 20%; 2 years: 40%; 3 years: 60%; 4 years: 80%; 5 years or more: 100%.
4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.
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