NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Contribution & Employer Match
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Contribution & Employer Match
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P.S.C. provides the following retirement savings benefits to its employees:
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Average Participant Retirement Account Value
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Estimated Average Employee Contribution Amount
259,587.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,056.00 in NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN, assuming a 10%* annual return.
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 NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. 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’.
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Total Employer Contribution and Match Rate
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $6,860.00 for 20 years would give you extra $439,060.00, assuming a 10% annual return.
NEPHROLOGY ASSOCIATES OF KENTUCKIANA, P. S. C. RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to the dollar amount set by law of their annual compensation, either with pre-tax or after-tax contributions.
2. Employer Match/Contribution Conditions: The employer matches 3% of each participant’s compensation as a safe harbor matching contribution.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions, safe harbor contributions, and rollover contributions immediately. Vesting in the Company's profit-sharing contribution is based on years of continuous service: participants are 100% vested after six years of credited service or upon death, disability, or being employed by the Company on or after their normal retirement age.
4. Roth 401(k) contribution: Allowed.
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