PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Contribution & Employer Match
PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Contribution & Employer Match
PHYSICIANS NETWORK MEDICAL GROUP, INC. provides the following retirement savings benefits to its employees:
PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Average Participant Retirement Account Value
PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Estimated Average Employee Contribution Amount
766,190.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,971.00 in PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 PHYSICIANS NETWORK MEDICAL GROUP 401(K) 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’.
PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Total Employer Contribution and Match Rate
PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $5,791.00 for 20 years would give you extra $370,682.00, assuming a 10% annual return.
PHYSICIANS NETWORK MEDICAL GROUP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to a maximum equal to the lesser of 85% of their total pay or the maximum limits established annually by the Internal Revenue Service.
2. Employer Match/Contribution Conditions: The Company makes safe harbor matching contributions equal to 100% of elective deferral contributions not to exceed 3% of annual compensation, plus 50% of elective deferral contributions which are over 3% of annual compensation, but not to exceed 5% of annual compensation. There were no discretionary contributions for the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Participants are always 100% vested in their individual account balances resulting from elective deferral contributions, employer safe harbor matching contributions, and rollover contributions. Vesting in the Company's discretionary contributions is as follows: Less than 3 years - 0%; 3 or more years - 100%. A participant is also fully vested upon reaching normal retirement age, upon death, or upon becoming disabled.
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