COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Contribution & Employer Match
COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Contribution & Employer Match
COMMUNITY PSYCHIATRY MANAGEMENT, LLC provides the following retirement savings benefits to its employees:
COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Average Participant Retirement Account Value
COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Estimated Average Employee Contribution Amount
388,778.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,074.00 in COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001, assuming a 10%* annual return.
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 COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001
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’.
COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Total Employer Contribution and Match Rate
COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Estimated Average Employer Match
Investing in this additonal $2,890.00 for 20 years would give you extra $185,003.00, assuming a 10% annual return.
COMMUNITY PSYCHIATRY MANAGEMENT, LLC RETIREMENT PLAN 001 Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100 percent of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer provides safe harbor contributions of 3 percent of the participant's compensation. The company may also make annual discretionary contributions for participants who have completed six months of service on or before the end of the year and continue employment through the end of the year.
3. Vesting Schedule/Eligibility: Employer contributions are fully vested at all times. Eligibility requires completion of 60 days of service and being at least 18 years old.
4. Allows Roth 401(k) contribution: Yes, the plan allows participants to contribute on an after-tax basis.
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