MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. provides the following retirement savings benefits to its employees:

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST is $118,859.00

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST is $4,668.00. 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.
298,790.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,668.00 in MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND 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 MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND 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’.

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST allocates $3,682,895.00 to match its employees' contributions, providing an employer match rate of 125.62% of their contributions

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST is approximately $6,179.00
Investing in this additonal $6,179.00 for 20 years would give you extra $395,478.00, assuming a 10% annual return.

MICHIGAN HEALTHCARE PROFESSIONALS, P.C. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a portion of their pre-tax compensation, and automatically enrolled participants have their deferral rate set at 3% of eligible compensation.

2. Employer Match/Contribution Conditions: The Company may make profit sharing contributions up to 5% of the participant’s compensation and discretionary safe harbor contributions equal to 100% of salary deferrals that do not exceed 3% of the participant’s compensation plus 50% of salary deferrals between 3% and 5% of the participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and actual earnings. A participant is 100% vested in the Company's safe harbor contribution and QNEC. Participants who reach early retirement age or upon death or disability are 100% vested in the Company’s profit sharing contribution. Vesting in the Company’s matching and profit sharing contributions is based on years of continuous service; a participant is 100% vested after six years of credited service.

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

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