LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

LARKIN HOFFMAN DALY & LINDGREN LTD provides the following retirement savings benefits to its employees:

LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2024, the average participant retirement account value for LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST is $478,792.00

LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST is $9,853.00. 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.
630,634.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,853.00 in LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST, 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 LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST

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’.

LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2024, LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST allocates $1,474,873.00 to match its employees' contributions, providing an employer match rate of 74.47% of their contributions

LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST is approximately $7,229.00
Investing in this additonal $7,229.00 for 20 years would give you extra $462,705.00, assuming a 10% annual return.

LARKIN,HOFFMAN,DALY & LINDGREN, LTD. PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Each year participants may contribute up to the annual maximum allowed by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: To receive employer matching contributions and profit sharing contributions, participants need to have worked at least 1,000 hours during the 12-month period and be employed as of the last day of the plan year or have terminated after reaching normal retirement age, died, or became disabled.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their rollover and salary deferral contributions. Vesting in employer contributions is based on years of service, with 100% vesting after six years of credited service or upon reaching normal retirement age, dying, or becoming disabled.

4. Roth 401(k) Contribution: There is no mention of a Roth 401(k) contribution.

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