OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Contribution & Employer Match

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Contribution & Employer Match

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC provides the following retirement savings benefits to its employees:

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN is $90,841.00

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN is $4,301.00. 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.
275,311.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,301.00 in OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 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 OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 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’.

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN allocates $2,320,967.00 to match its employees' contributions, providing an employer match rate of 122.76% of their contributions

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN is approximately $4,805.00
Investing in this additonal $4,805.00 for 20 years would give you extra $307,540.00, assuming a 10% annual return.

OLYMPIA ORTHOPAEDIC ASSOCIATES, PLLC 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute from 0% to 100% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The Company matches 100% of each participant’s deferral contributions up to 4% of eligible compensation deferred to the Plan, and 6% of eligible compensation deferred to the Plan for the profit sharing contribution.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 0–2 years: 0%, 2–3 years: 20%, 3–4 years: 40%, 4–5 years: 60%, 5 or more years: 100%. Eligibility requirements include reaching the age of 21, completing 90 days of service, working at least 1,000 hours during the Plan year, and being employed as of the last day of the Plan year.

4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions utilizing after-tax contributions.

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