SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SHARP REES-STEALY MEDICAL GROUP, INC. provides the following retirement savings benefits to its employees:

SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN is $10,254.00. 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.
656,299.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,254.00 in SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS 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 SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS 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’.

SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN allocates $343,647.00 to match its employees' contributions, providing an employer match rate of 4.76% of their contributions

SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN is approximately $510.00
Investing in this additonal $510.00 for 20 years would give you extra $32,679.00, assuming a 10% annual return.

SHARP REES-STEALY MEDICAL GROUP, INC. 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of elective deferrals up to 2% of eligible compensation for participants with less than 10 years of service, and 100% of elective deferrals up to 3% for participants with 10 years or more of service. Employees must be employed on the last day of the Plan year and have completed a year of service to qualify for the match.

3. Vesting Schedule/Eligibility: Participants are always 100% vested in their accounts, including salary deferrals, rollover contributions, and matching contributions. Employees become eligible to make salary deferrals and receive matching contributions after completing three months of service.

4. Roth 401(k) contribution: The plan allows for catch-up contributions which can be made on a Roth basis starting in 2026.

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