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ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ASSOCIATED SKIN CARE SPECIALISTS, P.A. provides the following retirement savings benefits to its employees:

ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN is $237,065.00

ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN is $4,815.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
308,202.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,815.00 in ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 ASSOCIATED SKIN CARE SPECIALISTS, P.A. 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’.

ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN allocates $792,896.00 to match its employees' contributions, providing an employer match rate of 129.65% of their contributions

ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN is approximately $6,146.00
Investing in this additonal $6,146.00 for 20 years would give you extra $393,374.00, assuming a 10% annual return.

ASSOCIATED SKIN CARE SPECIALISTS, P.A. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of annual eligible compensation.

2. Employer Match/Contribution Conditions: The employer makes a non-elective safe harbor contribution of 3% of the participant's compensation annually and may also make discretionary profit sharing contributions as determined by the Company's board of directors.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their employee contributions and employer non-elective safe harbor contributions. For employer discretionary profit sharing contributions, participants vest at a rate of 20% after two years of service, with an additional 20% per year until fully vested after six years of service. Eligibility requires attaining 21 years of age and completion of one year of employment with a minimum of 1,000 hours of service.

4. It allows Roth 401(k) contribution.

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