MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Contribution & Employer Match

MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Contribution & Employer Match

MEDICAL ASSOCIATION OF GEORGIA provides the following retirement savings benefits to its employees:

MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN is $109,893.00

MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN is $3,974.00. 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.
254,394.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,974.00 in MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 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 MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 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’.

MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN allocates $3,985,098.00 to match its employees' contributions, providing an employer match rate of 124.39% of their contributions

MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN is approximately $4,772.00
Investing in this additonal $4,772.00 for 20 years would give you extra $305,444.00, assuming a 10% annual return.

MEDICAL ASSOCIATION OF GEORGIA MULTIPLE EMPLOYER 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute up to the maximum percentage allowable of annual compensation, as defined in the Plan.

2. Employer Match/Contribution Conditions: Individual employers within the Group may make discretionary and/or matching contributions to all eligible participants of the contributing employer. Discretionary contributions are allocated based on the ratio of the eligible participant's compensation to the total of all eligible participants' compensation of the contributing company.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their voluntary contributions plus actual earnings thereon. Vesting in their individual company's contribution portion of their accounts is determined by the Participation Agreements of the individual employers.

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