ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ORANGE COUNTY UROLOGY ASSOCIATES, INC. A MEDICAL GROUP provides the following retirement savings benefits to its employees:

ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN is $102,612.00

ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN is $3,339.00. 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.
213,724.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,339.00 in ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING 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 ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING 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’.

ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN allocates $826,705.00 to match its employees' contributions, providing an employer match rate of 139.86% of their contributions

ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN is approximately $4,724.00
Investing in this additonal $4,724.00 for 20 years would give you extra $302,337.00, assuming a 10% annual return.

ORANGE COUNTY UROLOGY ASSOCIATES 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their annual compensation, subject to IRC limitations.

2. Employer Match/Contribution Conditions: The Company makes a safe harbor contribution equal to 3% of the participant’s eligible compensation. Discretionary matching contributions may be made, but no discretionary matching contributions were made for the years ended December 31, 2022, and 2021.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is based on years of continuous service: less than two years - 0%, at least two but less than three years - 20%, at least three but less than four years - 40%, at least four but less than five years - 60%, at least five but less than six years - 80%, six or more years - 100%. Employees must complete 1 year of service and be at least 18 years of age to receive profit sharing contributions.

4. Allows Roth 401(k) contribution: Yes.

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