SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Contribution & Employer Match

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Contribution & Employer Match

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. D/B/A SOUTHEAST LUN provides the following retirement savings benefits to its employees:

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN is $60,604.00

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN is $3,664.00. 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.
234,533.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,664.00 in SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) 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 SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 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’.

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN allocates $38,045.00 to match its employees' contributions, providing an employer match rate of 8.58% of their contributions

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN is approximately $314.00
Investing in this additonal $314.00 for 20 years would give you extra $20,122.00, assuming a 10% annual return.

SOUTHEAST LUNG AND CRITICAL CARE SPECIALISTS, P.C. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the total amount allowed by the Internal Revenue Service for 401(k) plans.

2. Employer Match/Contribution Conditions: Employer safe harbor matching contributions are equal to 100% of each participant's elective deferrals up to 3% of eligible compensation, plus 50% of the amount of the participant's elective deferrals that exceed 3% but do not exceed 5% of eligible compensation. To receive employer matching contributions, a participant must not be a highly compensated employee, defined as earning in excess of $80,000 during the prior Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and actual earnings. Employer matching contributions are also immediately vested. Vesting in profit sharing contributions occurs on a "2/20" graded, six-year vesting schedule. Employees become participants in the Plan as of the first day of the first month following ninety (90) days of service.

4. Roth 401(k) Contribution: The text does not indicate if Roth 401(k) contributions are allowed.

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