ALGOS AND OLIOS HEALTH RETIREMENT SAVINGS PLAN Contribution & Employer Match
ALGOS AND OLIOS HEALTH RETIREMENT SAVINGS PLAN Contribution & Employer Match
ALGOS, INC. MEDICAL CORPORATION provides the following retirement savings benefits to its employees:
ALGOS AND OLIOS HEALTH RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
ALGOS AND OLIOS HEALTH RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
111,047.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,735.00 in ALGOS AND OLIOS HEALTH 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 ALGOS AND OLIOS HEALTH 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’.
ALGOS AND OLIOS HEALTH RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 6% of their salary as a default participant deferral.
2. Employer Match/Contribution Conditions: The Employer may match, at its discretion, a fixed amount or a set percentage of each eligible employee’s contribution, as determined by its board of directors.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Employer’s contributions occurs in annual increments of 20%, vesting at 20% after the second year of credited service and up to 100% after the sixth year of credited service. Eligibility requires employees to be at least 21 years old and to have completed 2 months of service.
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