NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Contribution & Employer Match

NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Contribution & Employer Match

NEUROLOGICAL INSTITUTE OF SAVANNAH & CENTER FOR SPINE P.C. provides the following retirement savings benefits to its employees:

NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN is $132,968.00

NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN is $3,639.00. 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.
232,951.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,639.00 in NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) 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 NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) 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’.

NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Total Employer Contribution and Match Rate

In 2023, NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN allocates $832,225.00 to match its employees' contributions, providing an employer match rate of 165.08% of their contributions

NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN is approximately $5,700.00
Investing in this additonal $5,700.00 for 20 years would give you extra $364,810.00, assuming a 10% annual return.

NEUROLOGICAL INSTITUTE PROFIT SHARING/401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary into the plan, subject to IRS limitations (the limit for 2022 was $20,500 plus $6,500 catch-up contributions for those age 50 or older).

2. Employer Match/Contribution Conditions: The employer matches 50% of the participant's elective deferral, up to 6% of the participant's annual compensation. Additionally, there is a discretionary profit-sharing contribution made at the discretion of the Company, which was 5% of eligible compensation for 2022.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. Vesting in the employer's fixed match and discretionary profit-sharing contributions is based on years of continuous service: a participant is fully vested after reaching normal retirement age, death, disability, or completing three full years of service.

4. Roth 401(k) Contribution: The plan allows Roth contributions effective January 1, 2023.

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