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SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

COLUMBIA SURGICAL SPECIALISTS, P.S. provides the following retirement savings benefits to its employees:

SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN is $275,608.00

SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN is $3,858.00. 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.
246,949.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,858.00 in SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING 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 SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING 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’.

SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN allocates $1,158,998.00 to match its employees' contributions, providing an employer match rate of 164.14% of their contributions

SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN is approximately $8,984.00
Investing in this additonal $8,984.00 for 20 years would give you extra $575,006.00, assuming a 10% annual return.

SPOKANE EAR, NOSE & THROAT CLINIC P.S. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of qualified compensation, as defined by the Plan, up to a maximum amount allowed by the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Company makes a safe harbor contribution equal to 100% of the first 3% of eligible compensation of each plan participant. The Company may also make an additional discretionary matching contribution and/or a discretionary profit-sharing contribution.

3. Vesting Schedule/Eligibility: A participant is 100% vested in their participant elected contributions and the employer safe harbor contributions. For employer discretionary contributions, an employee must complete 1,000 hours of service during a vesting computation period to receive credit for one year of service. Employer discretionary contributions are vested based on a 3-year vesting schedule. Employees become eligible to participate in the Plan on the latter of the employee’s completion of one year of service, or attainment of age 21.

4. Roth 401(k) Contribution: Participants may also voluntarily elect to contribute after tax Roth contributions, not exceeding a specific dollar amount determined by applicable law.

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