VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match
VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match
VARNUM LLP provides the following retirement savings benefits to its employees:
VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
507,749.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,933.00 in VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS 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 VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS 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’.
VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $12,853.00 for 20 years would give you extra $822,595.00, assuming a 10% annual return.
VARNUM PROFIT-SHARING AND RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may make voluntary contributions to the Plan of up to the maximum amount permitted by the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The Plan provides for a discretionary employer contribution, determined by the Partnership, based upon a percentage of the participant's compensation. Total contributions to each participant's account may not exceed the lesser of $61,000 ($67,500 in some circumstances) or 100 percent of the participant's total compensation.
3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions and any income or loss thereon. Employer contributions are 100 percent vested as of December 31 of each year, but a participant who terminates employment prior to December 31 forfeits that year's employer contribution. Eligibility requires employees to attain age 21 and complete one year of eligible service, during which they must work 1,000 hours or more.
4. The plan allows Roth 401(k) contributions.
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