SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Contribution & Employer Match

SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Contribution & Employer Match

SHUMAKER, LOOP AND KENDRICK, LLP provides the following retirement savings benefits to its employees:

SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN is $423,924.00

SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN is $6,357.00. 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.
406,856.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,357.00 in SHUMAKER, LOOP AND KENDRICK RETIREMENT 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 SHUMAKER, LOOP AND KENDRICK 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’.

SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN allocates $6,054,195.00 to match its employees' contributions, providing an employer match rate of 160.73% of their contributions

SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN is approximately $9,924.00
Investing in this additonal $9,924.00 for 20 years would give you extra $635,194.00, assuming a 10% annual return.

SHUMAKER, LOOP AND KENDRICK RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may defer a portion of their eligible compensation up to the Internal Revenue Service (IRS)-imposed dollar maximum for the year.

2. Employer Match/Contribution Conditions: The Partnership's contribution to the Plan is made on a discretionary basis and allocated based on the rules of permitted disparity.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions plus actual earnings thereon. Eligibility requires completion of one month of service.

4. Roth 401(k) Contribution: The Plan allows participants to designate any or all of their deferral contributions as Roth 401(k) after-tax deferrals.

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