GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Contribution & Employer Match
GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Contribution & Employer Match
GARDEN STATE UROLOGY, LLC provides the following retirement savings benefits to its employees:
GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Average Participant Retirement Account Value
GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
315,822.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,934.00 in GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 GARDEN STATE UROLOGY, LLC 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’.
GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Total Employer Contribution and Match Rate
GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $6,160.00 for 20 years would give you extra $394,257.00, assuming a 10% annual return.
GARDEN STATE UROLOGY, LLC PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 92% of pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The employer makes a safe-harbor contribution equal to 3% of the participant's compensation, and additionally may make discretionary profit sharing contributions.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and earnings. Vesting in the employer's discretionary profit-sharing contributions is over a period of six years at a rate of 20% per year after the second year. The safe-harbor contribution is fully vested at all times.
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