HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Contribution & Employer Match

HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Contribution & Employer Match

HORIZONS DIAGNOSTICS LLC provides the following retirement savings benefits to its employees:

HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN is $169,150.00

HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN is $4,160.00. 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.
266,278.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,160.00 in HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS 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 HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS 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’.

HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN allocates $664,767.00 to match its employees' contributions, providing an employer match rate of 132.05% of their contributions

HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN is approximately $5,493.00
Investing in this additonal $5,493.00 for 20 years would give you extra $351,612.00, assuming a 10% annual return.

HORIZONS DIAGNOSTICS LLC RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of pretax annual compensation, not to exceed the Internal Revenue Code limitation.

2. Employer Match/Contribution Conditions: The employer matches the participant’s contribution up to 3% of the participant’s eligible compensation at a 100% match. Participant contributions in excess of 3% and up to 5% of eligible compensation are matched at 50%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective contributions and safe harbor contributions. Discretionary employer matching and profit sharing contributions are subject to a vesting schedule: 0% after less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years or more, plus 100% vesting upon termination of employment at age 65. Eligibility requires completing six months of service and attaining age 21.

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