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SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Contribution & Employer Match

SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Contribution & Employer Match

SOUTHERN OREGON CARDIOLOGY LLC provides the following retirement savings benefits to its employees:

SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN is $200,466.00

SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN is $5,579.00. 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.
357,062.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,579.00 in SOUTHERN OREGON CARDIOLOGY LLC 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 SOUTHERN OREGON CARDIOLOGY LLC 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’.

SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN allocates $1,161,499.00 to match its employees' contributions, providing an employer match rate of 158.32% of their contributions

SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN is approximately $8,934.00
Investing in this additonal $8,934.00 for 20 years would give you extra $571,814.00, assuming a 10% annual return.

SOUTHERN OREGON CARDIOLOGY LLC 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute any amount up to the Elective Deferral Dollar Limit under Internal Revenue Code §402 and the Internal Revenue Code §415 Limitation.

2. Employer Match/Contribution Conditions: Employee contributions, up to 6% of eligible compensation deferred to the Plan, are eligible for a discretionary matching contribution. Additionally, the Company makes safe harbor matching contributions equal to 3% of each eligible employee’s compensation.

3. Vesting Schedule/Eligibility: Vesting for employer matching and profit-sharing contributions is based on years of service at a rate of 20% per year after the first year, fully vested after six years of service. An employee earns a year of service for vesting purposes upon completing 1,000 hours of service during a vesting computation period.

4. Roth 401(k) Contribution: Yes, Roth Deferrals are permitted under the Plan.

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