PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match
PAUL WEISS RIFKIND WHARTON & GARRISON LLP provides the following retirement savings benefits to its employees:
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP DEFINED CONTRIBUTION RETIREMENT PLAN Average Participant Retirement Account Value
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 PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP DEFINED CONTRIBUTION RETIREMENT 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’.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $4,593.00 for 20 years would give you extra $294,001.00, assuming a 10% annual return.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: The plan does not specify a percentage of salary that employees can contribute, as all contributions are made by the Firm.
2. Employer Match/Contribution Conditions: The Firm contribution percentage is based on the sum of age in full years and completed full years of service on December 31, 2022 and 2021, ranging from 1% for ages 0-40 to 15% for ages over 80.
3. Vesting Schedule/Eligibility: A participant becomes vested upon completing five years of service or upon termination of employment due to death or reaching “normal retirement age” (age 65). The vesting schedule is as follows: Less than 2 years - 0%; 2 but less than 3 years - 20%; 3 but less than 4 years - 40%; 4 but less than 5 years - 60%; 5 or more years - 100%.
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