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OPTUMCARE 401(K) RETIREMENT PLAN Contribution & Employer Match

OPTUMCARE 401(K) RETIREMENT PLAN Contribution & Employer Match

PROHEALTH PHYSICIANS, P.C. provides the following retirement savings benefits to its employees:

OPTUMCARE 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OPTUMCARE 401(K) RETIREMENT PLAN is $86,048.00

OPTUMCARE 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OPTUMCARE 401(K) RETIREMENT PLAN is $8,454.00. 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.
541,070.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,454.00 in OPTUMCARE 401(K) RETIREMENT 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 OPTUMCARE 401(K) 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’.

OPTUMCARE 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, OPTUMCARE 401(K) RETIREMENT PLAN allocates $73,027,862.00 to match its employees' contributions, providing an employer match rate of 35.33% of their contributions

OPTUMCARE 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OPTUMCARE 401(K) RETIREMENT PLAN is approximately $2,064.00
Investing in this additonal $2,064.00 for 20 years would give you extra $132,117.00, assuming a 10% annual return.

OPTUMCARE 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 80% of their eligible pay to the plan.

2. Employer Match/Contribution Conditions: The employer makes a safe harbor matching contribution equal to 100% of applicable contributions up to 1% of eligible compensation, plus 50% of the next 5% of eligible compensation, for a maximum contribution of 3.5% per payroll period. Participants become eligible for matching contributions after one year of service.

3. Vesting Schedule/Eligibility: Safe harbor matching contributions vest at 100% after 2 or more years of service. They also vest 100% upon death, attainment of normal retirement age (age 65), disability, partial plan termination, complete termination of the Plan, or complete discontinuance of employer contributions.

4. Roth 401(k) contribution: The plan allows Roth 401(k) contributions.

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