CENTRAL INDIANA ORTHOPEDICS, P. C. EMPLOYEE PROFIT SHARING PLAN Contribution & Employer Match

CENTRAL INDIANA ORTHOPEDICS, P. C. EMPLOYEE PROFIT SHARING PLAN Contribution & Employer Match

CENTRAL INDIANA ORTHOPEDICS, P.C. provides the following retirement savings benefits to its employees:

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 CENTRAL INDIANA ORTHOPEDICS, P. C. EMPLOYEE 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’.

CENTRAL INDIANA ORTHOPEDICS, P. C. EMPLOYEE PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants could contribute up to 70% of their annual compensation as defined in the Plan document.

2. Employer Match/Contribution Conditions: The employer contributes a “safe harbor” matching contribution equal to 100% of the first 3% of compensation plus 50% of the next 2% of compensation that a participant contributes to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the “safe harbor” Company matching contribution. Vesting in the Company’s discretionary profit sharing contribution is as follows: 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 or more years of service. Eligibility requires one year of service and attainment of the age of 21 with at least 1,000 hours worked.

4. Yes, the Plan allows for Roth 401(k) contributions.

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