WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Contribution & Employer Match

WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Contribution & Employer Match

WICHITA SURGICAL SPECIALISTS, P.A. provides the following retirement savings benefits to its employees:

WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN is $238,922.00

WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN is $5,396.00. 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.
345,363.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,396.00 in WICHITA SURGICAL SPECIALISTS, P.A. 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 WICHITA SURGICAL SPECIALISTS, P.A. 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’.

WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN allocates $2,324,920.00 to match its employees' contributions, providing an employer match rate of 161.66% of their contributions

WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN is approximately $8,157.00
Investing in this additonal $8,157.00 for 20 years would give you extra $522,087.00, assuming a 10% annual return.

WICHITA SURGICAL SPECIALISTS, P.A. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 1% and 75% of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer may make a discretionary profit sharing contribution to participants who have completed a minimum of 1,000 hours during the Plan year, and the Plan requires a contribution equal to 3% of eligible participants’ compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and Safe Harbor contributions plus actual earnings. Vesting in other Company discretionary profit sharing contributions is based on years of continuous service, with 100% vesting after six years of credited service.

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