THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) provides the following retirement savings benefits to its employees:

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN is $204,428.00

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN is $4,787.00. 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.
306,425.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,787.00 in THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 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 THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 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’.

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN allocates $7,645,285.00 to match its employees' contributions, providing an employer match rate of 233.79% of their contributions

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN is approximately $11,161.00
Investing in this additonal $11,161.00 for 20 years would give you extra $714,304.00, assuming a 10% annual return.

THE BATON ROUGE CLINIC (A MEDICAL CORPORATION) 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants can elect to contribute up to $20,500 into the Plan. Participants who have attained the age of 50 before the end of the Plan year are eligible to make additional catch-up contributions of $6,500.

2. Employer Match/Contribution Conditions: The Employer contributed 3 percent of the participant’s compensation for participants who had completed one year of service, not to exceed $305,000 for the year. For participants who had completed two years of service, the Employer contributed an additional 10 percent of the participant’s compensation, also not to exceed $305,000 for the year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions plus earnings thereon. Eligibility requirements include having completed one year of service and being twenty-one years of age or older.

4. Roth 401(k) Contribution: The Plan allows for post-tax (Roth) contributions.

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