ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match
ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match
ABSOLUTE DENTAL SERVICES, INC. provides the following retirement savings benefits to its employees:
ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
135,312.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,114.00 in ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING 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 ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING 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’.
ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate
ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $986.00 for 20 years would give you extra $63,148.00, assuming a 10% annual return.
ABSOLUTE DENTAL SERVICES, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may authorize payroll deductions up to the maximum amount allowed by law as before-tax contributions and after-tax Roth contributions.
2. Employer Match/Contribution Conditions: The employer makes safe harbor matching contributions equal to 100% of a participant’s elective deferrals that do not exceed 3% of eligible compensation and 50% of a participant’s elective deferrals that do not exceed 5% of eligible compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe harbor matching contributions. Vesting in the Company's profit-sharing contribution is based on years of continuous service with the following schedule: Less than 2 years - 0%; 2 years - 20%; 3 years - 40%; 4 years - 60%; 5 years - 80%; 6 years or more - 100%. Contributions made under the prevailing wage law are 100% vested when made.
4. Roth 401(k) contribution: Yes.
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