TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Contribution & Employer Match
TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Contribution & Employer Match
TULSA BONE AND JOINT ASSOCIATES, INC. provides the following retirement savings benefits to its employees:
TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Average Participant Retirement Account Value
TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Estimated Average Employee Contribution Amount
339,056.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,297.00 in TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 TULSA BONE AND JOINT ASSOCIATES RETIREMENT 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’.
TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Total Employer Contribution and Match Rate
TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,972.00 for 20 years would give you extra $382,220.00, assuming a 10% annual return.
TULSA BONE AND JOINT ASSOCIATES RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company makes non-elective safe harbor contributions equal to 3% of the employee’s eligible salary, with additional discretionary match or non-elective profit-sharing amounts at the discretion of the Company’s board of directors.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and safe harbor contributions. Vesting in discretionary match and non-elective profit-sharing is based on years of credited service: 0% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Eligibility requires one year of service and at least 18 years of age, with a year of service defined as 1,000 or more hours worked in a consecutive 12-month period.
4. It allows Roth 401(k) contribution.
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