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UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Contribution & Employer Match

UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Contribution & Employer Match

UROLOGY CENTERS OF ALABAMA, P.C. provides the following retirement savings benefits to its employees:

UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN is $155,400.00

UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN is $3,573.00. 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.
228,724.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,573.00 in UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT 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 UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING 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’.

UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN allocates $1,541,428.00 to match its employees' contributions, providing an employer match rate of 138.69% of their contributions

UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN is approximately $4,656.00
Investing in this additonal $4,656.00 for 20 years would give you extra $298,040.00, assuming a 10% annual return.

UROLOGY CENTERS OF ALABAMA, P.C. 401(K) PROFIT SHARING RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to defer a portion of their compensation to make pre-tax contributions or may elect to make after-tax contributions defined as Roth contributions.

2. Employer Match/Contribution Conditions: The Company contributed a minimum amount of three percent of each employee’s compensation as a non-elective safe harbor contribution and a match of one-third of the first one and a half percent of each participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary deferral and the Company’s safe harbor contributions. Participants are fully vested in all employer profit-sharing contributions after six years of continuous service.

4. Roth 401(k) Contribution: Yes, the plan allows after-tax contributions defined as Roth contributions.

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