DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Contribution & Employer Match

DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Contribution & Employer Match

DISTRICT MEDICAL GROUP, INC. provides the following retirement savings benefits to its employees:

DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST is $237,663.00

DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST is $8,268.00. 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.
529,164.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,268.00 in DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST, 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 DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST

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’.

DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Total Employer Contribution and Match Rate

In 2023, DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST allocates $10,546,570.00 to match its employees' contributions, providing an employer match rate of 118.44% of their contributions

DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST is approximately $9,424.00
Investing in this additonal $9,424.00 for 20 years would give you extra $603,199.00, assuming a 10% annual return.

DISTRICT MEDICAL GROUP, INC. PROFIT SHARING AND 401(K) PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100% of annual compensation on a pre-tax or Roth basis, subject to IRS limitations.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant contributions up to 4% of the eligible participant’s compensation. For new employees hired on or after January 1, 2021, the discretionary employer match is 2% in the first year, 4% in the second year, and 6% in the third year of employment and beyond.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and actual earnings. Vesting in the employer contribution is based on years of continuous service: participants hired on or prior to December 31, 1998 vest on a 3-year schedule, while those hired on or after January 1, 1999 vest 40% after 2 years and then an additional 20% each year until fully vested after 5 years.

4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.

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