MIDLANTIC UROLOGY 401(K) PROFIT SHARING PLAN Contribution & Employer Match
MIDLANTIC UROLOGY 401(K) PROFIT SHARING PLAN Contribution & Employer Match
THE CENTERS FOR ADVANCED UROLOGY, LLC provides the following retirement savings benefits to its employees:
MIDLANTIC UROLOGY 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 MIDLANTIC UROLOGY 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’.
MIDLANTIC UROLOGY 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute pre-tax annual compensation up to the dollar limit set by law.
2. Employer Match/Contribution Conditions: The Company makes a safe harbor contribution of 3% of compensation for all eligible employees.
3. Vesting Schedule/Eligibility: Vesting in the Company’s optional matching and profit sharing contributions is based on completed years of service: 0% for less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 or more years. Eligibility requires at least one year of service with a minimum of 1,000 hours.
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