SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Contribution & Employer Match

SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Contribution & Employer Match

SULLIVAN & CROMWELL LLP provides the following retirement savings benefits to its employees:

SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES is $191,775.00

SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES is $6,996.00. 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.
447,769.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,996.00 in SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR 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 SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR 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’.

SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Total Employer Contribution and Match Rate

In 2023, SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES allocates $955,663.00 to match its employees' contributions, providing an employer match rate of 8.59% of their contributions

SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES is approximately $584.00
Investing in this additonal $584.00 for 20 years would give you extra $37,385.00, assuming a 10% annual return.

SULLIVAN & CROMWELL LLP SAVINGS PLAN FOR ASSOCIATES Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 100% of their total compensation during the Plan year on a pre-tax, after-tax and/or Roth 401(k) basis.

2. Employer Match/Contribution Conditions: The Plan provides for annual discretionary Firm contributions to certain designated associates, with the combined totals of pre-tax, after-tax, Roth 401(k) and Firm contributions per participant limited to $61,000 in 2022.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all their own contributions. The discretionary Firm contribution becomes fully vested after three years of service.

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

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