OMNI HEALTH SERVICES, INC., 401(K) PLAN Contribution & Employer Match
OMNI HEALTH SERVICES, INC., 401(K) PLAN Contribution & Employer Match
OMNI HEALTH SERVICES, INC. provides the following retirement savings benefits to its employees:
OMNI HEALTH SERVICES, INC., 401(K) PLAN Average Participant Retirement Account Value
OMNI HEALTH SERVICES, INC., 401(K) PLAN Estimated Average Employee Contribution Amount
50,078.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 782.00 in OMNI HEALTH SERVICES, INC., 401(K) 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 OMNI HEALTH SERVICES, INC., 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’.
OMNI HEALTH SERVICES, INC., 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100 percent of their pretax annual compensation, subject to Internal Revenue Code limits.
2. Employer Match/Contribution Conditions: The Company may elect to make discretionary matching contributions, but no discretionary contributions were made for the plan year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the Company's contributions is 20 percent after two years of credited service and increases by 20 percent until 100 percent is vested after six years. Eligibility requires completion of three months of service and being age 21 or older.
4. Roth 401(k) Contribution: Participants may designate all or a portion of their deferral contributions as after-tax contributions into a Roth account.
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