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GEM CITY BONE & JOINT, P.C. 401K PLAN Contribution & Employer Match

GEM CITY BONE & JOINT, P.C. 401K PLAN Contribution & Employer Match

GEM CITY BONE & JOINT, P.C. provides the following retirement savings benefits to its employees:

GEM CITY BONE & JOINT, P.C. 401K PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for GEM CITY BONE & JOINT, P.C. 401K PLAN is $108,525.00

GEM CITY BONE & JOINT, P.C. 401K PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for GEM CITY BONE & JOINT, P.C. 401K PLAN is $3,607.00. 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.
230,871.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,607.00 in GEM CITY BONE & JOINT, P.C. 401K 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 GEM CITY BONE & JOINT, P.C. 401K 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’.

GEM CITY BONE & JOINT, P.C. 401K PLAN Total Employer Contribution and Match Rate

In 2021, GEM CITY BONE & JOINT, P.C. 401K PLAN allocates $377,400.00 to match its employees' contributions, providing an employer match rate of 64.18% of their contributions

GEM CITY BONE & JOINT, P.C. 401K PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in GEM CITY BONE & JOINT, P.C. 401K PLAN is approximately $2,315.00
Investing in this additonal $2,315.00 for 20 years would give you extra $148,181.00, assuming a 10% annual return.

GEM CITY BONE & JOINT, P.C. 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 100% of their total compensation each year.

2. Employer Match/Contribution Conditions: The Plan Sponsor makes a safe harbor contribution equal to 3% of eligible compensation for all eligible employees, regardless of whether they are contributing to the Plan. The Plan Sponsor may also make a discretionary employer matching contribution, but made no employer discretionary matching contributions for the 2021 Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all elective deferral contributions and employer safe harbor contributions. Vested interest for employer discretionary and additional matching contributions is based on years of service:

4. - Less than 1 year: 0%

5. - 1 year of service: 20%

6. - 2 years of service: 40%

7. - 3 years of service: 60%

8. - 4 years of service: 80%

9. - 5 years of service: 100%

10. Roth 401(k) Contribution: The Plan allows for after-tax (Roth) contributions.

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