MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match

MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match

MCDONNELL BOEHNEN HULBERT & BERGHOFF LLP provides the following retirement savings benefits to its employees:

MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN is $529,999.00

MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN is $8,703.00. 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.
557,027.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,703.00 in MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND 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 MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND 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’.

MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN allocates $1,407,147.00 to match its employees' contributions, providing an employer match rate of 82.91% of their contributions

MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN is approximately $7,647.00
Investing in this additonal $7,647.00 for 20 years would give you extra $489,442.00, assuming a 10% annual return.

MCDONNELL BOEHNEN HULBERT & BERGHOFF 401(K) AND PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute a portion of their compensation, subject to certain maximum limitations imposed by Section 402(g) of the IRC.

2. Employer Match/Contribution Conditions: The employer may make discretionary profit-sharing contributions and matches, with participants eligible for matching contributions after completing 1,000 hours of service in a twelve-month period.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferrals, including catch-up contributions and rollover contributions. For employer matching and profit-sharing contributions, the vesting schedule is:

4. - Less than 1 year: 0%

5. - 1 year: 33%

6. - 2 years: 66%

7. - 3+ years: 100%.

8. Eligibility for discretionary profit-sharing contributions requires being employed on the last day of the plan year and having earned at least 1,000 hours of service.

9. Roth 401(k) Contribution: Yes, the plan allows Roth deferrals.

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