PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Contribution & Employer Match
PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Contribution & Employer Match
PLUNKETT COONEY, P.C. provides the following retirement savings benefits to its employees:
PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Average Participant Retirement Account Value
PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
699,617.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,931.00 in PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING 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 PLUNKETT COONEY, P.C. EMPLOYEES' 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’.
PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Total Employer Contribution and Match Rate
PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $2.00 for 20 years would give you extra $169.00, assuming a 10% annual return.
PLUNKETT COONEY, P.C. EMPLOYEES' PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 80 percent of earned income.
2. Employer Match/Contribution Conditions: Employer contributions are limited to the maximum amount deductible under federal income tax laws and shall not exceed 15 percent of the compensation paid during the taxable year.
3. Vesting Schedule/Eligibility: Participants are fully vested in elective contributions and vest 20 percent per year beginning after the second year for employer contributions.
4. Roth 401(k) Contribution: The plan allows Roth contributions.
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