SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Contribution & Employer Match

SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Contribution & Employer Match

SARNOVA HC, LLC provides the following retirement savings benefits to its employees:

SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Average Participant Retirement Account Value

In 2021, the average participant retirement account value for SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST is $60,539.00

SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST is $5,111.00. 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.
327,125.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,111.00 in SARNOVA HC, LLC PROFIT SHARING PLAN & 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 SARNOVA HC, LLC PROFIT SHARING PLAN & 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’.

SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Total Employer Contribution and Match Rate

In 2021, SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST allocates $2,319,170.00 to match its employees' contributions, providing an employer match rate of 32.88% of their contributions

SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST is approximately $1,680.00
Investing in this additonal $1,680.00 for 20 years would give you extra $107,555.00, assuming a 10% annual return.

SARNOVA HC, LLC PROFIT SHARING PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a maximum of 100% of their salary, subject to a maximum dollar amount as determined by the Federal Government (which was $19,500 for 2021).

2. Employer Match/Contribution Conditions: The Company contributes a matching amount as a percentage of the amount a participant contributes to the Plan; additional amounts may be contributed at the option of the Company’s board of directors.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the employer's contributions is based on years of continuous service, with 100% vesting after four years of credited service.

4. The plan does not specifically mention Roth 401(k) contributions.

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