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ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Contribution & Employer Match

ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Contribution & Employer Match

ORTHOPEDIC ASSOCIATES OF SW OHIO INC. provides the following retirement savings benefits to its employees:

ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN is $148,533.00

ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN is $4,569.00. 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.
292,421.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,569.00 in ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K 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 ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K 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’.

ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Total Employer Contribution and Match Rate

In 2023, ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN allocates $1,580,871.00 to match its employees' contributions, providing an employer match rate of 188.55% of their contributions

ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN is approximately $7,944.00
Investing in this additonal $7,944.00 for 20 years would give you extra $508,420.00, assuming a 10% annual return.

ORTHOPEDIC ASSOCIATES OF SW OHIO INC PROFIT SHARING 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute on a pre-tax basis or after-tax basis (Roth contributions) through payroll deductions, with contributions not exceeding the maximum amount permitted under the applicable provisions of the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The Company is required to make safe harbor contributions in an amount not less than 3% of Compensation. The Company may also make discretionary profit sharing contributions based on excess compensation and total eligible compensation.

3. Vesting Schedule/Eligibility: Participants are 100% vested in the employee, Company, and rollover contribution portions of their accounts immediately upon their date of entry into the Plan. Eligibility requires employees to be age 21 or older and have completed one year of service (1,000 hours of service within one year).

4. Roth 401(k) contribution: Yes, the plan allows Roth contributions.

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