BRONSON 401(K) RETIREMENT PLAN Contribution & Employer Match

BRONSON 401(K) RETIREMENT PLAN Contribution & Employer Match

BRONSON PRACTICE MANAGEMENT, INC. provides the following retirement savings benefits to its employees:

BRONSON 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BRONSON 401(K) RETIREMENT PLAN is $16,859.00

BRONSON 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BRONSON 401(K) RETIREMENT PLAN is $75.00. 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.
4,802.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 75.00 in BRONSON 401(K) RETIREMENT 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 BRONSON 401(K) RETIREMENT 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’.

BRONSON 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, BRONSON 401(K) RETIREMENT PLAN allocates $16,720.00 to match its employees' contributions, providing an employer match rate of 25.80% of their contributions

BRONSON 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BRONSON 401(K) RETIREMENT PLAN is approximately $24.00
Investing in this additonal $24.00 for 20 years would give you extra $1,559.00, assuming a 10% annual return.

BRONSON 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 75 percent of annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 50 percent of participant contributions on the first 3 percent of compensation deferred. Participants must work at least 38 hours in a pay period to be eligible for a matching contribution unless they have retired, died, or become permanently disabled.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions. Employer contributions vest at 60 percent after one year of service, 80 percent after two years, and fully vest after three years. Participants must be employed on the last day of the plan year and have at least 1,000 hours of service during the plan year unless they have retired, died, or become permanently disabled.

4. It allows Roth 401(k) contribution.

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