UAP CLINIC RETIREMENT PLAN Contribution & Employer Match
UAP CLINIC RETIREMENT PLAN Contribution & Employer Match
UNION ASSOCIATED PHYSICIANS CLINIC, LLC provides the following retirement savings benefits to its employees:
UAP CLINIC RETIREMENT PLAN Average Participant Retirement Account Value
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 UAP CLINIC 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’.
UAP CLINIC RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees were eligible to defer a portion of their eligible wages to the plan prior to it being frozen.
2. Employer Match/Contribution Conditions: The employer provided a matching contribution as outlined in the plan agreement prior to the plan being frozen.
3. Vesting Schedule/Eligibility: Participants were immediately vested in their contributions plus actual earnings. Vesting in matching employer contributions occurred according to the vesting schedule outlined in the plan agreement. Participants are currently fully vested in all balances.
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