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KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match

KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match

KERN RADIOLOGY MEDICAL GROUP, INC. provides the following retirement savings benefits to its employees:

KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN is $78,294.00

KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN is $1,980.00. 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.
126,725.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,980.00 in KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT 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 KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT 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’.

KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN allocates $533,580.00 to match its employees' contributions, providing an employer match rate of 137.14% of their contributions

KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN is approximately $3,533.00
Investing in this additonal $3,533.00 for 20 years would give you extra $226,153.00, assuming a 10% annual return.

KERN RADIOLOGY MEDICAL GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 50% of pre-tax annual compensation, as defined in the plan or the amount allowed by the Internal Revenue Service (whichever is less).

2. Employer Match/Contribution Conditions: The Company may make discretionary contributions. For the year ended December 31, 2022, the employer contribution was $533,580.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company’s employer contributions plus earnings thereon is based on continuous years of service based on a graded schedule, with 100% vesting after 6 years of credited service.

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