SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES Contribution & Employer Match

SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES Contribution & Employer Match

SIMPSON THACHER & BARTLETT LLP provides the following retirement savings benefits to its employees:

SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES is $136,395.00

SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES is $10,974.00. 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.
702,344.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,974.00 in SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES, 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 SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES

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’.

SIMPSON, THACHER & BARTLETT LLP CASH OR DEFERRED PLAN FOR SENIOR COUNSEL, COUNSEL & ASSOCIATES Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute to the Plan under pre-tax 401(k), pre-tax catch-up, Roth 401(k), Roth catch-up, or post-tax contributions, subject to maximum allowable limits set by the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Firm's Executive Committee may direct the Firm to make qualified non-elective contributions for the benefit of all active participants other than highly compensated employees, but there were no Firm contributions in 2022.

3. Vesting Schedule/Eligibility: Participants are eligible to participate in the Plan on the first day of each month following their completion of one month of service with the Firm. Each participant’s account is fully vested and non-forfeitable at all times.

4. Roth 401(k) contribution: Yes, the Plan allows Roth 401(k) contributions.

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