RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Contribution & Employer Match
RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Contribution & Employer Match
RESURGENS ORTHOPAEDICS, P.C. provides the following retirement savings benefits to its employees:
RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
248,902.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,889.00 in RESURGENS ORTHOPAEDICS 401(K) RETIREMENT 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 RESURGENS ORTHOPAEDICS 401(K) 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’.
RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $4,268.00 for 20 years would give you extra $273,196.00, assuming a 10% annual return.
RESURGENS ORTHOPAEDICS 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a portion of their compensation, subject to certain maximum limitations imposed by Section 402(g) of the IRC.
2. Employer Match/Contribution Conditions: The Company makes a safe harbor matching contribution equal to 3% of the eligible employee’s compensation. Additionally, the stated matching contribution is equal to the lesser of 50% of the employee’s compensation deferrals or 6% of the employee’s compensation. Participants must be employed on the last day of the plan year and have earned 1,000 hours of service to be eligible to receive discretionary profit-sharing contributions.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferrals, including catch-up contributions, and rollover contributions from other plans. For discretionary matching and profit-sharing contributions, participants are credited with a period of service for 12 months from the date of hire. Participants are always 100% vested in their safe harbor matching contributions.
4. Roth 401(k) Contribution: The plan allows Roth deferrals.
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