HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Contribution & Employer Match
HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Contribution & Employer Match
HUNTON ANDREWS KURTH LLP provides the following retirement savings benefits to its employees:
HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
534,007.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,343.00 in HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS 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 HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS 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’.
HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $6,913.00 for 20 years would give you extra $442,432.00, assuming a 10% annual return.
HUNTON ANDREWS KURTH LLP RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of $20,500 for the calendar year 2022 (and $19,500 for 2021) to the plan. The maximum percentage of compensation that can be contributed each pay period is limited to 50% for regular 401(k) deferrals and 50% for catch-up 401(k) deferrals, with a combined limit of 75%.
2. Employer Match/Contribution Conditions: Firm contributions are allocated as a minimum of 7.5% of earnings for staff employee participants and non-highly compensated counsel participants and 5.6% of earnings for highly-compensated counsel participants. Partners receive approximately 5% of earnings plus an additional 5% on earnings exceeding the FICA wage base.
3. Vesting Schedule/Eligibility: Participants are fully vested in their accounts attributable to participant salary deferral contributions and Firm Basic contributions at all times. Participants become fully vested in their Profit Sharing accounts after three years of continuous service.
4. Roth 401(k) Contribution: The plan allows for after-tax Roth contributions.
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