CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Contribution & Employer Match

CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Contribution & Employer Match

CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. provides the following retirement savings benefits to its employees:

CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN is $162,709.00

CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN is $5,980.00. 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.
382,757.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,980.00 in CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. 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 OHIO PRIMARY CARE PHYSICIANS, INC. 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 OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN allocates $9,475,597.00 to match its employees' contributions, providing an employer match rate of 64.99% of their contributions

CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN is approximately $3,702.00
Investing in this additonal $3,702.00 for 20 years would give you extra $236,982.00, assuming a 10% annual return.

CENTRAL OHIO PRIMARY CARE PHYSICIANS, INC. SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to the maximum amount allowed by law.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 6% of salary deferred by the participant. The Company may also make discretionary contributions at the discretion of the Board of Directors.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions, rollovers, and employer safe harbor matching contributions. Vesting in employer discretionary contributions is based on years of continuous service; participants are 100% vested in employer discretionary contributions after three years of credited service.

4. The plan allows Roth 401(k) contributions.

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