FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Contribution & Employer Match

FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Contribution & Employer Match

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

FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST is $255,635.00

FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST is $6,939.00. 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.
444,140.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,939.00 in FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY 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 FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY 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’.

FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST allocates $896,879.00 to match its employees' contributions, providing an employer match rate of 109.06% of their contributions

FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST is approximately $7,291.00
Investing in this additonal $7,291.00 for 20 years would give you extra $466,668.00, assuming a 10% annual return.

FOOTHILL CARDIOLOGY PROFIT SHARING/401(K) AND HEALTH/DISABILITY PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to the maximum deferral limit per Section 402(g)(1) of the IRC, which allows for a deferral limit of 75% of compensation prior to January 1, 2022, and up to the maximum set by the IRS afterward.

2. Employer Match/Contribution Conditions: The Employer made a safe harbor contribution equal to 3% of compensation totaling $133,840. No discretionary matching contributions were made for the year ended December 31, 2022. There may also be a discretionary employer contribution determined annually by the Board of Directors, which totaled $626,886 for the year ended December 31, 2022.

3. Vesting Schedule/Eligibility: Participants are fully vested in their elective deferral contributions, rollover contributions, and Employer contributions plus actual earnings. Employees are eligible for participation in the plan upon attaining age 21 and completion of one year of service (defined as 1,000 or more hours).

4. Roth 401(k) Contribution: Participants may elect to contribute on a pre-tax or Roth basis.

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