WATSON CLINIC LLP PROFIT SHARING PLAN Contribution & Employer Match

WATSON CLINIC LLP PROFIT SHARING PLAN Contribution & Employer Match

WATSON CLINIC LLP provides the following retirement savings benefits to its employees:

WATSON CLINIC LLP PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for WATSON CLINIC LLP PROFIT SHARING PLAN is $96,069.00

WATSON CLINIC LLP PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for WATSON CLINIC LLP PROFIT SHARING PLAN is $4,081.00. 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.
261,193.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,081.00 in WATSON CLINIC LLP PROFIT SHARING 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 WATSON CLINIC LLP 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’.

WATSON CLINIC LLP PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, WATSON CLINIC LLP PROFIT SHARING PLAN allocates $5,178,463.00 to match its employees' contributions, providing an employer match rate of 51.54% of their contributions

WATSON CLINIC LLP PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in WATSON CLINIC LLP PROFIT SHARING PLAN is approximately $2,054.00
Investing in this additonal $2,054.00 for 20 years would give you extra $131,516.00, assuming a 10% annual return.

WATSON CLINIC LLP PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their annual pretax compensation, limited to a maximum established by the IRS.

2. Employer Match/Contribution Conditions: The employer matches contributions equal to 50% of the first 4% of compensation and 100% of the next 2% of compensation, up to a maximum of 4% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their contributions and employer matching contributions. Vesting in clinic discretionary contributions is based on years of continuous service, with 100% vesting after three years of credited service.

4. Roth 401(k) Contribution: Yes, the Plan allows Roth contributions in accordance with IRS regulations.

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