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EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Contribution & Employer Match

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Contribution & Employer Match

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. provides the following retirement savings benefits to its employees:

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Average Participant Retirement Account Value

In 2021, the average participant retirement account value for EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST is $358,737.00

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST is $6,120.00. 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.
391,720.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,120.00 in EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND 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 EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND 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’.

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Total Employer Contribution and Match Rate

In 2021, EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST allocates $943,815.00 to match its employees' contributions, providing an employer match rate of 118.62% of their contributions

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST is approximately $7,260.00
Investing in this additonal $7,260.00 for 20 years would give you extra $464,647.00, assuming a 10% annual return.

EAR, NOSE & THROAT SPECIALTYCARE OF MINNESOTA, P.A. SECTION 401(K) PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to make pre-tax salary deferral contributions, not to exceed annual limitations specified in the Plan.

2. Employer Match/Contribution Conditions: The Plan has elected matching contributions pursuant to safe harbor rules of 3%. To be eligible for discretionary employer contributions, participants must have worked 1,000 hours during the plan year and be employed on the last day of the plan year.

3. Vesting Schedule/Eligibility: Participants are always 100% vested in their pre-tax salary reduction contributions, Roth contributions, rollover contributions, safe harbor contributions, discretionary contributions for all employees hired before December 31, 2015, and related earnings. Participants hired on or after January 1, 2016 vest 20% each year beginning after two years of service for employer-derived discretionary contributions.

4. Roth 401(k) contribution: Participants may also make after-tax Roth 401(k) deferral contributions.

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