ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ENDOSCOPY CENTER OF OCALA, INC. provides the following retirement savings benefits to its employees:

ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN is $74,213.00

ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN is $1,162.00. 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.
74,402.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,162.00 in ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING 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 ENDOSCOPY CENTER OF OCALA, INC. 401(K) 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’.

ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN allocates $815,564.00 to match its employees' contributions, providing an employer match rate of 478.86% of their contributions

ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN is approximately $5,437.00
Investing in this additonal $5,437.00 for 20 years would give you extra $347,973.00, assuming a 10% annual return.

ENDOSCOPY CENTER OF OCALA, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute pre-tax deferrals up to $20,500 for calendar year 2022, with an additional catch-up contribution of $6,500 for those aged 50 or older.

2. Employer Match/Contribution Conditions: The employer may match contributions equal to a percentage of a participant’s salary deferrals, but not to exceed 4% of eligible compensation. A participant must be employed on the last day of the Plan year and have completed at least 1,000 hours of service during the Plan year to be eligible for employer contributions.

3. Vesting Schedule/Eligibility: Participants vest in the Company’s contributions at a rate of 20% per year starting with the second year of service, becoming fully vested after six years. Participants are eligible if they have completed one year of service and are at least 21 years old.

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