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UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Contribution & Employer Match

UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Contribution & Employer Match

UNIVERSITY OTOLARYNGOLOGISTS, INC. provides the following retirement savings benefits to its employees:

UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN is $173,973.00

UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN is $4,455.00. 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.
285,133.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,455.00 in UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) 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 UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) 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’.

UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN allocates $1,662,032.00 to match its employees' contributions, providing an employer match rate of 119.00% of their contributions

UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN is approximately $5,113.00
Investing in this additonal $5,113.00 for 20 years would give you extra $327,292.00, assuming a 10% annual return.

UNIVERSITY OTOLARYNGOLOGISTS, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The employer contributes 100% of the first 4.75% of compensation that a participant contributes to the Plan as a matching contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer matching contributions. The vesting schedule for the Company's profit-sharing contribution is based on years of service: 1 year - 20%, 2 years - 40%, 3 years - 60%, 4 years - 80%, 5 or more years - 100%. Eligibility requires employees to have completed one year of service and be age 21 or older.

4. Roth 401(k) Contribution: The Plan offers a Roth 401(k) option to participants.

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