GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Contribution & Employer Match

GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Contribution & Employer Match

INDIANAPOLIS NEUROSURGICAL GRP, P.C DBA GOODMAN CAMPBELL BRAIN & SPINE provides the following retirement savings benefits to its employees:

GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN is $247,858.00

GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN is $6,919.00. 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.
442,872.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,919.00 in GOODMAN CAMPBELL BRAIN AND SPINE 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 GOODMAN CAMPBELL BRAIN AND SPINE 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’.

GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN allocates $1,958,436.00 to match its employees' contributions, providing an employer match rate of 109.06% of their contributions

GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN is approximately $7,771.00
Investing in this additonal $7,771.00 for 20 years would give you extra $497,380.00, assuming a 10% annual return.

GOODMAN CAMPBELL BRAIN AND SPINE 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible annual compensation, subject to the maximum annual amount permitted under Section 402(g) of the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The employer matches 50% of the first 6% of compensation that each participant contributes to the plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer's matching contributions. Vesting in the employer’s profit-sharing contributions is based on years of service: a participant becomes 20% vested after two years of service, increasing by 20% per additional year, with full vesting after six years of credited service. Eligibility for the employer’s matching and profit-sharing contributions requires at least one year of service.

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