COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Contribution & Employer Match

COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Contribution & Employer Match

COLORADO SPRINGS RADIOLOGISTS, P.C. provides the following retirement savings benefits to its employees:

COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN is $177,845.00

COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN is $4,069.00. 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.
260,475.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,069.00 in COLORADO SPRINGS RADIOLOGISTS, P.C. 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 COLORADO SPRINGS RADIOLOGISTS, P.C. 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’.

COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN allocates $1,832,070.00 to match its employees' contributions, providing an employer match rate of 175.15% of their contributions

COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN is approximately $6,810.00
Investing in this additonal $6,810.00 for 20 years would give you extra $435,882.00, assuming a 10% annual return.

COLORADO SPRINGS RADIOLOGISTS, P.C. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to $20,500 in 2022 and $19,500 in 2021; $27,000 for employees age 50 or older in 2022 and $26,000 in 2021.

2. Employer Match/Contribution Conditions: The Company makes a safe harbor contribution of 3% of eligible compensation. Additionally, discretionary matching contributions of 27.10% of employees' salary deferral amounts up to 6.00% of employees' compensation were made in 2022.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their contributions and safe harbor contributions. There is a five-year graded vesting schedule for all discretionary profit-sharing and matching contributions. Employees are eligible to participate after one year and 1,000 hours of service.

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