WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Contribution & Employer Match
WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Contribution & Employer Match
WACO CARDIOLOGY ASSOCIATES, P.A. provides the following retirement savings benefits to its employees:
WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Average Participant Retirement Account Value
WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
268,958.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,202.00 in WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING 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 WACO CARDIOLOGY ASSOCIATES, P.A. 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’.
WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Total Employer Contribution and Match Rate
WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $5,701.00 for 20 years would give you extra $364,881.00, assuming a 10% annual return.
WACO CARDIOLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to the lesser of 100% of their compensation or $20,500 for 2022. Participants aged 50 or older may make catch-up contributions of up to $6,500 for 2022.
2. Employer Match/Contribution Conditions: The employer will make a contribution equal to 100% of the first 3% of each eligible participant’s compensation and an additional 50% of the next 2%. The maximum safe harbor match may not exceed 4%.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and safe harbor contributions. Non-safe harbor employer matching and profit-sharing contributions vest at 20% after the first year of service and 20% per year thereafter, becoming fully vested after 5 years of service.
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