RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Contribution & Employer Match

RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Contribution & Employer Match

CRAVATH, SWAINE & MOORE LLP provides the following retirement savings benefits to its employees:

RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP is $2,377,779.00

RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP is $16,115.00. 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.
1,031,397.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 16,115.00 in RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP, 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 RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP

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’.

RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Total Employer Contribution and Match Rate

In 2023, RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP allocates $3,976,191.00 to match its employees' contributions, providing an employer match rate of 178.79% of their contributions

RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP is approximately $27,422.00
Investing in this additonal $27,422.00 for 20 years would give you extra $1,755,008.00, assuming a 10% annual return.

RETIREMENT PLAN OF CRAVATH, SWAINE & MOORE LLP Contribution & Match Policy

1. Employee Contribution Rates: Participants can generally contribute the lesser of $20,500 for 2022, or 100% of their total compensation, and additional after-tax contributions up to $61,000 for 2022, or 100% of total annual compensation.

2. Employer Match/Contribution Conditions: The Firm contributes equal to a percentage of a participant's compensation (up to $305,000 in 2022) based on the participant's attained age at the beginning of the Plan year.

3. Vesting Schedule/Eligibility: A participant’s interest in the Firm contributions is 20% vested after two years of service, increasing at the rate of 20% per year, fully vested after six years of service. Non-elective Firm contributions are made on behalf of participants who are at least age 21 and have completed one year of service.

4. It allows Roth 401(k) contribution.

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