BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BIRMINGHAM RADIOLOGICAL GROUP, P.C. provides the following retirement savings benefits to its employees:

BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN is $578,227.00

BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN is $9,673.00. 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.
619,092.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,673.00 in BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) 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 BIRMINGHAM RADIOLOGICAL GROUP, P.C. 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’.

BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN allocates $1,507,221.00 to match its employees' contributions, providing an employer match rate of 140.37% of their contributions

BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN is approximately $14,219.00
Investing in this additonal $14,219.00 for 20 years would give you extra $910,020.00, assuming a 10% annual return.

BIRMINGHAM RADIOLOGICAL GROUP, P.C. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute a percentage of pretax annual compensation, not to exceed federal limits.

2. Employer Match/Contribution Conditions: The Company contributes three percent of each participant’s eligible compensation as a safe harbor non-elective contribution, with the possibility of an additional discretionary profit sharing contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their deferral contributions and Company safe harbor non-elective contributions. Vesting in the Company discretionary profit sharing contribution is 100 percent after three years of credited service.

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