ADVANCED ENT AND ALLERGY, PLLC PROFIT SHARING PLAN Contribution & Employer Match

ADVANCED ENT AND ALLERGY, PLLC PROFIT SHARING PLAN Contribution & Employer Match

ADVANCED ENT AND ALLERGY, PLLC provides the following retirement savings benefits to its employees:

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 ADVANCED ENT AND ALLERGY, PLLC 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’.

ADVANCED ENT AND ALLERGY, PLLC PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to contribute up to the maximum legal limit as determined by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of a participant’s elective contribution plus 50% of a participant’s elective contribution between 3% and 5%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer’s safe-harbor matching contribution. Vesting in the employer’s discretionary profit-sharing contribution is based on years of continuous service, with full vesting at 100% after six years of service.

4. Roth 401(k) Contribution: Current employees may elect to convert pre-tax amounts in their account to Roth tax treatment through a Roth Transfer.

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