BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Contribution & Employer Match

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Contribution & Employer Match

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC provides the following retirement savings benefits to its employees:

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN is $108,167.00

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN is $3,572.00. 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.
228,631.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,572.00 in BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K 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 BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K 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’.

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Total Employer Contribution and Match Rate

In 2023, BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN allocates $1,383,884.00 to match its employees' contributions, providing an employer match rate of 131.76% of their contributions

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN is approximately $3,999.00
Investing in this additonal $3,999.00 for 20 years would give you extra $255,978.00, assuming a 10% annual return.

BIRMINGHAM HEMATOLOGY & ONCOLOGY ASSOCIATES, LLC 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of pretax annual compensation, not to exceed federal limits.

2. Employer Match/Contribution Conditions: The employer contributes three percent of each participant’s compensation as a safe harbor non-elective contribution. An additional discretionary profit-sharing contribution may be made to eligible participants who are employed as of the last day of the year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their deferral contributions and Company safe harbor non-elective contributions. Vesting in the Company discretionary profit-sharing contribution is based on years of continuous service, with participants becoming 100 percent vested after five years of credited service.

4. It allows Roth 401(k) contribution.

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