CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

CENTRAL FLORIDA PEDIATRIC INTENSIVE provides the following retirement savings benefits to its employees:

CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN is $44,201.00

CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN is $960.00. 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.
61,474.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 960.00 in CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS 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 CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS 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’.

CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2022, CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN allocates $221,738.00 to match its employees' contributions, providing an employer match rate of 174.88% of their contributions

CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN is approximately $1,630.00
Investing in this additonal $1,630.00 for 20 years would give you extra $104,347.00, assuming a 10% annual return.

CENTRAL FLORIDA PEDIATRIC INTENSIVE CARE SPECIALISTS, INC. RETIREMENT AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of pretax annual compensation, subject to Internal Revenue Code limitations.

2. Employer Match/Contribution Conditions: The Company makes safe harbor matching contributions equal to 100% of elective deferrals that do not exceed 3% of compensation plus 50% of elective deferrals between 3% and 5% of compensation. Additionally, for the year ended December 31, 2021, the Company made a discretionary matching contribution of approximately $15,000 to the Plan.

3. Vesting Schedule/Eligibility: Employees are eligible to participate after attaining the age of 21 and completing one year of service with at least 1,000 hours of service. The vesting schedule for employer contributions is as follows: 0% vested after less than 2 years, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years of credit service. A participant who reaches normal retirement age, becomes totally disabled, or dies while employed becomes 100% vested.

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