INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. provides the following retirement savings benefits to its employees:

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN is $117,740.00

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN is $3,744.00. 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.
239,673.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,744.00 in INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) 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 INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) 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’.

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN allocates $1,044,855.00 to match its employees' contributions, providing an employer match rate of 133.50% of their contributions

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN is approximately $5,557.00
Investing in this additonal $5,557.00 for 20 years would give you extra $355,695.00, assuming a 10% annual return.

INTERVENTIONAL CARDIOLOGISTS OF GAINESVILLE, P.A. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100 percent (%) of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of each dollar of participant contribution up to 3% of participant’s compensation, plus 50% of each dollar of participant contribution in excess of 3% but not in excess of 5% of participant’s compensation. Additionally, the employer may make a profit-sharing contribution not to exceed 6% of the participant’s compensation.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is based on years of continuous service: 0 years = 0%, 1 year = 0%, 2 years = 20%, 3 years = 40%, 4 years = 60%, 5 years = 80%, 6 years = 100%. Employees may become participants when they have worked 1,000 hours during one year of service and are age 21 or older.

4. Roth 401(k) Contribution: Yes, the plan allows post-tax deferrals into a Roth 401(k) account.

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