PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

PERINATAL ASSOCIATES OF NEW MEXICO LTD provides the following retirement savings benefits to its employees:

PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST is $115,532.00

PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST is $4,201.00. 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.
268,902.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,201.00 in PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST, 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 PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING 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’.

PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST allocates $608,457.00 to match its employees' contributions, providing an employer match rate of 100.57% of their contributions

PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST is approximately $4,139.00
Investing in this additonal $4,139.00 for 20 years would give you extra $264,906.00, assuming a 10% annual return.

PERINATAL ASSOCIATES OF NEW MEXICO, LTD 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the maximum percentage of allowable compensation, as defined by the Plan, not to exceed annual limits set by the Internal Revenue Code. For 2022 and 2021, the annual limit was $20,500 and $19,500, respectively.

2. Employer Match/Contribution Conditions: Discretionary employer matching contributions may be made to the Plan. To receive a non-safe harbor matching contribution, safe harbor matching contribution, and profit-sharing contribution, the participant must meet eligibility requirements.

3. Vesting Schedule/Eligibility: A participant is 100% vested after four years of credited service. The vesting schedule is as follows: 0% vested after 1-2 years of service, and 100% vested after 3 or more years of service.

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