CMBS PROFIT SHARING 401(K) PLAN Contribution & Employer Match

CMBS PROFIT SHARING 401(K) PLAN Contribution & Employer Match

CALIFORNIA MEDICAL BUSINESS SERVICES, LLC provides the following retirement savings benefits to its employees:

CMBS PROFIT SHARING 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CMBS PROFIT SHARING 401(K) PLAN is $105,589.00

CMBS PROFIT SHARING 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CMBS PROFIT SHARING 401(K) PLAN is $3,670.00. 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.
234,920.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,670.00 in CMBS PROFIT SHARING 401(K) 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 CMBS PROFIT SHARING 401(K) 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’.

CMBS PROFIT SHARING 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CMBS PROFIT SHARING 401(K) PLAN allocates $1,485,294.00 to match its employees' contributions, providing an employer match rate of 109.81% of their contributions

CMBS PROFIT SHARING 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CMBS PROFIT SHARING 401(K) PLAN is approximately $3,828.00
Investing in this additonal $3,828.00 for 20 years would give you extra $244,996.00, assuming a 10% annual return.

CMBS PROFIT SHARING 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, limited by Plan provisions, which is set at 6% for automatically enrolled participants.

2. Employer Match/Contribution Conditions: The employer may make a qualified matching contribution or profit sharing contribution at its discretion; however, there were no Company matching contributions for the years ended December 31, 2022 and 2021.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Company matching and profit sharing contributions is based on years of credited service, with a participant reaching 100% vesting after six years of service. Participants are eligible for the matching and profit sharing contributions after attaining age 21, completing one year of service with a minimum of 500 hours, and being employed on the last day of the Plan year.

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

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