OMNI SAVINGS PLAN AND TRUST Contribution & Employer Match

OMNI SAVINGS PLAN AND TRUST Contribution & Employer Match

ORTHOPAEDIC MULTISPECIALTY NETWORK, INC. provides the following retirement savings benefits to its employees:

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 SAVINGS PLAN AND TRUST

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 SAVINGS PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, limited by Plan provisions.

2. Employer Match/Contribution Conditions: The employer matches 100% of the participants’ voluntary contributions up to 6%.

3. Vesting Schedule/Eligibility: The vesting schedule for discretionary profit sharing and qualified non-elective contributions is based on the following:

4. - Less than 2 years: 0%

5. - 2 years: 20%

6. - 3 years: 40%

7. - 4 years: 60%

8. - 5 years: 80%

9. - 6 or more years: 100%

10. Eligibility requires employees to be employed for 12 consecutive months and work a minimum of 1,000 hours.

11. Roth 401(k) contributions are allowed.

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