SIDLEY AUSTIN LLP RETIREMENT PLAN FOR PARTNERS Contribution & Employer Match
SIDLEY AUSTIN LLP RETIREMENT PLAN FOR PARTNERS Contribution & Employer Match
SIDLEY AUSTIN LLP provides the following retirement savings benefits to its employees:
SIDLEY AUSTIN LLP RETIREMENT PLAN FOR PARTNERS 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 SIDLEY AUSTIN LLP RETIREMENT PLAN FOR PARTNERS
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’.
SIDLEY AUSTIN LLP RETIREMENT PLAN FOR PARTNERS Estimated Average Employer Match
Investing in this additonal $13,493.00 for 20 years would give you extra $863,583.00, assuming a 10% annual return.
SIDLEY AUSTIN LLP RETIREMENT PLAN FOR PARTNERS Contribution & Match Policy
1. Employee Contribution Rates: Participants are allowed to contribute a percentage of their gross compensation as determined by the Firm, subject to applicable IRS limits.
2. Employer Match/Contribution Conditions: The Firm contributes an amount equal to a percentage of the participant’s gross compensation up to applicable IRS limits for the calendar year.
3. Vesting Schedule/Eligibility: Participants are fully vested in employer contributions after (1) three years of service, (2) separation from service after reaching age 65, or (3) death while a partner or employee.
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