MITCHELL SILBERBERG & KNUPP 401(K) PLAN Contribution & Employer Match
MITCHELL SILBERBERG & KNUPP 401(K) PLAN Contribution & Employer Match
MITCHELL SILBERBERG & KNUPP LLP provides the following retirement savings benefits to its employees:
MITCHELL SILBERBERG & KNUPP 401(K) PLAN Average Participant Retirement Account Value
MITCHELL SILBERBERG & KNUPP 401(K) PLAN Estimated Average Employee Contribution Amount
175,550.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,742.00 in MITCHELL SILBERBERG & KNUPP 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 MITCHELL SILBERBERG & KNUPP 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’.
MITCHELL SILBERBERG & KNUPP 401(K) PLAN Total Employer Contribution and Match Rate
MITCHELL SILBERBERG & KNUPP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $3,054.00 for 20 years would give you extra $195,501.00, assuming a 10% annual return.
MITCHELL SILBERBERG & KNUPP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their salary to the plan, subject to IRS limits.
2. Employer Match/Contribution Conditions: The employer matches 100% of employee contributions up to 3% of the employee's salary, and 50% on the next 2% of employee contributions.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 3 years. Employees are eligible after one year of service.
4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.
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