ALLIANCE CANCER SPECIALISTS, P.C. 401(K) SAVINGS PLAN Contribution & Employer Match
ALLIANCE CANCER SPECIALISTS, P.C. 401(K) SAVINGS PLAN Contribution & Employer Match
ALLIANCE CANCER SPECIALISTS, P.C. provides the following retirement savings benefits to its employees:
ALLIANCE CANCER SPECIALISTS, P.C. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount
111,705.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,745.00 in ALLIANCE CANCER SPECIALISTS, P.C. 401(K) 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 ALLIANCE CANCER SPECIALISTS, P.C. 401(K) 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’.
ALLIANCE CANCER SPECIALISTS, P.C. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate
ALLIANCE CANCER SPECIALISTS, P.C. 401(K) SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $800.00 for 20 years would give you extra $51,261.00, assuming a 10% annual return.
ALLIANCE CANCER SPECIALISTS, P.C. 401(K) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 100 percent of annual compensation, subject to annual IRS limitations.
2. Employer Match/Contribution Conditions: The employer makes a non-elective safe harbor contribution of three percent of eligible compensation for eligible participants. To qualify for discretionary profit-sharing contributions, participants must be employed by the Company on the last day of the year.
3. Vesting Schedule/Eligibility: Participants are 100% vested at all times in their employee salary reduction, Roth 401(k), and employer safe harbor non-elective contributions. Vesting of employer safe harbor and profit-sharing contributions is based on years of service accruing at 20% per year, with full vesting after five years of service, defined as completion of 1,000 hours of service during the Plan year.
4. Roth 401(k) Contribution: Yes, the Plan provides for participant salary reduction on both a pre-tax and Roth basis.
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