THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE BONE & JOINT CENTER, P.C. provides the following retirement savings benefits to its employees:

THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN is $145,030.00

THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN is $5,331.00. 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.
341,238.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,331.00 in THE BONE & JOINT CENTER, P.C. 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 BONE & JOINT CENTER, P.C. 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 BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN allocates $876,491.00 to match its employees' contributions, providing an employer match rate of 107.80% of their contributions

THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN is approximately $5,582.00
Investing in this additonal $5,582.00 for 20 years would give you extra $357,295.00, assuming a 10% annual return.

THE BONE & JOINT CENTER, P.C. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum dollar amount allowed under federal regulations for the Plan year.

2. Employer Match/Contribution Conditions: An employee must complete one year of service, have 1,000 hours of service during the Plan year, be 18 years of age, and be employed by the Company on the last day of the Plan year to receive discretionary match and profit-sharing contributions.

3. Vesting Schedule/Eligibility: A participant is 100% vested after six years of credited service for the Company's discretionary matching and profit-sharing contributions. Eligibility requirements include having one year of service, 1,000 hours of service during the Plan year, and being 18 years of age.

4. Roth 401(k) Contribution: Yes, the plan allows Roth elective deferrals.

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