TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Contribution & Employer Match

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Contribution & Employer Match

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP provides the following retirement savings benefits to its employees:

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN is $70,115.00

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN is $1,900.00. 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.
121,639.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,900.00 in TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 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 TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 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’.

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN allocates $162,243.00 to match its employees' contributions, providing an employer match rate of 55.98% of their contributions

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN is approximately $1,001.00
Investing in this additonal $1,001.00 for 20 years would give you extra $64,096.00, assuming a 10% annual return.

TORRANCE ORTHOPEDIC & SPORTS MEDICINE GROUP 401 (K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a maximum of $20,500 and $19,500 for the years ended December 31, 2022 and 2021 respectively (or $27,000 and $26,000 if over age 50).

2. Employer Match/Contribution Conditions: The employer will match 100% of the participant’s deferral that does not exceed 4% of their plan compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and earnings, the Company’s safe-harbor matching contributions, and vesting for discretionary matching contributions is based on years of service: 0% for less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years. Eligibility for profit sharing requires being employed as of the last day of the plan year and completing at least 1,000 hours of service during the plan year.

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