STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Contribution & Employer Match

STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Contribution & Employer Match

STARLING P.C provides the following retirement savings benefits to its employees:

STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN is $140,596.00

STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN is $3,606.00. 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.
230,790.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,606.00 in STARLING PHYSICIANS, P. C. 401(K) 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 STARLING PHYSICIANS, P. C. 401(K) 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’.

STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2021, STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN allocates $5,369,687.00 to match its employees' contributions, providing an employer match rate of 108.77% of their contributions

STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN is approximately $3,922.00
Investing in this additonal $3,922.00 for 20 years would give you extra $251,029.00, assuming a 10% annual return.

STARLING PHYSICIANS, P. C. 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their pre-tax or post-tax annual compensation, limited to $19,500 for the year ended December 31, 2021, with an additional $6,500 for catch-up contributions for those aged 50 or older.

2. Employer Match/Contribution Conditions: The employer matches 50% of elective deferrals, up to a maximum contribution equal to 3% of compensation. To receive profit sharing contributions, eligible participants must be employed on the last day of the Plan year.

3. Vesting Schedule/Eligibility: Participants are fully and immediately vested in their contributions. For employer contributions, participants become 100% vested after three years of credited service.

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