MASLON RETIREMENT AND SAVINGS PLAN Contribution & Employer Match
MASLON RETIREMENT AND SAVINGS PLAN Contribution & Employer Match
MASLON, LLP provides the following retirement savings benefits to its employees:
MASLON RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value
MASLON RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount
576,412.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,006.00 in MASLON RETIREMENT AND 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 MASLON RETIREMENT AND 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’.
MASLON RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate
MASLON RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $13,183.00 for 20 years would give you extra $843,764.00, assuming a 10% annual return.
MASLON RETIREMENT AND SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 50% of pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The Company may make profit sharing contributions as determined by the Company’s Governance Committee.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their pre-tax contributions, Roth contributions, rollover contributions, Company contributions, plus actual earnings thereon; eligibility requires completion of one year of service (minimum 1,000 hours of service) and attaining age 21.
4. Roth 401(k) Contribution: Yes, the plan allows after-tax Roth 401(k) deferral contributions.
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