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MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

MIDWEST ORTHOPAEDIC CENTER S.C. provides the following retirement savings benefits to its employees:

MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN is $285,419.00

MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN is $5,896.00. 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.
377,367.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,896.00 in MIDWEST ORTHOPAEDIC CENTER S.C. 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 MIDWEST ORTHOPAEDIC CENTER S.C. 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’.

MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN allocates $1,112,807.00 to match its employees' contributions, providing an employer match rate of 120.21% of their contributions

MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN is approximately $6,911.00
Investing in this additonal $6,911.00 for 20 years would give you extra $442,358.00, assuming a 10% annual return.

MIDWEST ORTHOPAEDIC CENTER S.C. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their annual compensation.

2. Employer Match/Contribution Conditions: The Center makes matching contributions of 50% of the first 6% of eligible compensation a participant contributes to the Plan.

3. Vesting Schedule/Eligibility: Vesting in the Center’s matching contribution portion and the discretionary contribution portion of their accounts is based on the following schedule: 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years. Eligibility requires participants to complete one year of service and be actively employed at the end of the Plan year to participate in discretionary contributions.

4. It allows Roth 401(k) contribution.

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