INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Contribution & Employer Match

INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Contribution & Employer Match

INDEPENDENT PHYSICIANS RESOURCE, INC. provides the following retirement savings benefits to its employees:

INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Average Participant Retirement Account Value

In 2021, the average participant retirement account value for INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST is $44,396.00

INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST is $3,584.00. 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.
229,425.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,584.00 in INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST, 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 INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST

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’.

INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Total Employer Contribution and Match Rate

In 2021, INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST allocates $2,535,102.00 to match its employees' contributions, providing an employer match rate of 52.81% of their contributions

INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST is approximately $1,893.00
Investing in this additonal $1,893.00 for 20 years would give you extra $121,169.00, assuming a 10% annual return.

INDEPENDENT PHYSICIANS 401(K) PROFIT SHARING PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 99% of eligible compensation, not to exceed $19,500 in 2021, plus a catch-up contribution of up to $6,500 for participants age 50 and older.

2. Employer Match/Contribution Conditions: The employer makes safe harbor matching contributions of 100% of the participant’s deferral up to the first 5% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants vest immediately in their contributions and employer safe harbor matching contributions. They become 100% vested in the employer’s discretionary profit-sharing contributions after three years of service. Employees are eligible to participate after a service requirement of 30 days and upon attaining the age of 21.

4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.

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