QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Contribution & Employer Match

QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Contribution & Employer Match

QUANTUM PHYSICIAN SERVICES, LLC provides the following retirement savings benefits to its employees:

QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN is $385,444.00

QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN is $12,174.00. 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.
779,160.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,174.00 in QUANTUM RADIOLOGY, P.C. RETIREMENT 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 QUANTUM RADIOLOGY, P.C. RETIREMENT 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’.

QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2022, QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN allocates $2,848,626.00 to match its employees' contributions, providing an employer match rate of 153.43% of their contributions

QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN is approximately $17,803.00
Investing in this additonal $17,803.00 for 20 years would give you extra $1,139,450.00, assuming a 10% annual return.

QUANTUM RADIOLOGY, P.C. RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a portion of their annual compensation on a pre-tax basis and after-tax Roth basis up to limitations established within the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Employers may make discretionary matching contributions annually based on employee deferral amounts, but no matching contributions were made for 2022. Eligible employees are those employed by an Employer on the last day of the Plan year and have completed a minimum of 1,000 hours of service during the Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, the Employer’s safe harbor contributions, and any earnings thereon. Other contributions and the earnings thereon are subject to a graduated vesting schedule:

4. - Less than 2 years: 0%

5. - 2 years: 20%

6. - 3 years: 60%

7. - 4 years: 100%

8. Eligibility requires employees to participate in the Plan after 6 months and achieving a minimum of 500 hours of service.

9. It allows Roth 401(k) contribution.

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