ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ORTHOPEDIC CENTERS OF COLORADO, LLC provides the following retirement savings benefits to its employees:

ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN is $123,788.00

ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN is $4,591.00. 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.
293,870.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,591.00 in ORTHOPEDIC CENTERS OF COLORADO, LLC 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 ORTHOPEDIC CENTERS OF COLORADO, LLC 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’.

ORTHOPEDIC CENTERS OF COLORADO, LLC 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100 percent of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions, and participants who have completed 1,000 hours of service by December 31, 2022, are eligible for the company's discretionary contribution. The employer did not make a matching contribution for the year ended December 31, 2022.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is: 0% for fewer than 2 years, 20% for 2 but fewer than 3 years, 40% for 3 but fewer than 4 years, 60% for 4 but fewer than 5 years, 80% for 5 but fewer than 6 years, and 100% for 6 or more years. Eligibility requires participants to have completed one year of service.

4. Roth 401(k) contributions: The plan allows participants to contribute on an after-tax basis, indicating it permits Roth 401(k) contributions.

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