WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Contribution & Employer Match
WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Contribution & Employer Match
WAKE EMERGENCY PHYSICIANS, P.A. provides the following retirement savings benefits to its employees:
WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
962,168.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 15,033.00 in WAKE EMERGENCY PHYSICIANS, P.A. 401(K) 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 WAKE EMERGENCY PHYSICIANS, P.A. 401(K) 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’.
WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate
WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $19,488.00 for 20 years would give you extra $1,247,281.00, assuming a 10% annual return.
WAKE EMERGENCY PHYSICIANS, P.A. 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to the Internal Revenue Service (IRS) contribution limit.
2. Employer Match/Contribution Conditions: The Company contributes a safe harbor contribution at a rate of 3% of eligible compensation for all eligible employees. Additionally, the Company may make a profit-sharing contribution to eligible employees who have completed two consecutive years of service, are age 21 or older, and have completed 750 hours of service or were employed on the last day of the year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions, the Company’s safe harbor contributions, and the Company’s profit-sharing contribution. Eligibility requirements include reaching one hour of service and being age twenty-one or older, with participation beginning immediately upon meeting all entry requirements.
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