STOEL RIVES RETIREMENT PLAN Contribution & Employer Match
STOEL RIVES RETIREMENT PLAN Contribution & Employer Match
STOEL RIVES LLP provides the following retirement savings benefits to its employees:
STOEL RIVES RETIREMENT PLAN Average Participant Retirement Account Value
STOEL RIVES RETIREMENT PLAN Estimated Average Employee Contribution Amount
361,195.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,643.00 in STOEL RIVES RETIREMENT 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 STOEL RIVES 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’.
STOEL RIVES RETIREMENT PLAN Total Employer Contribution and Match Rate
STOEL RIVES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $6,475.00 for 20 years would give you extra $414,430.00, assuming a 10% annual return.
STOEL RIVES RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute amounts to the Plan as elective contributions subject to a maximum percentage determined by the Retirement Committee. Automatically enrolled participants have their deferral rates set at 3% of eligible compensation.
2. Employer Match/Contribution Conditions: Employer contributions are funded under a fixed formula, based on qualifying participants, and may include additional contributions to pass discrimination testing.
3. Vesting Schedule/Eligibility: Participants vest 100% upon entry to the Plan. Employer contributions eligibility begins on the first entry date following the completion of one year of service.
4. Roth 401(k) Contribution: Participants may contribute after-tax Roth elective deferrals to the Plan, as allowed by the IRC.
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