MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Contribution & Employer Match

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Contribution & Employer Match

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. provides the following retirement savings benefits to its employees:

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST is $283,899.00

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST is $8,095.00. 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.
518,136.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,095.00 in MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) 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 MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) 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’.

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Total Employer Contribution and Match Rate

In 2023, MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST allocates $1,429,157.00 to match its employees' contributions, providing an employer match rate of 87.17% of their contributions

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST is approximately $6,647.00
Investing in this additonal $6,647.00 for 20 years would give you extra $425,423.00, assuming a 10% annual return.

MINNEAPOLIS RADIATION ONCOLOGY PHYSICIANS, P.A. 401(K) PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants can make salary deferral contributions in accordance with IRS Code Section 401(k).

2. Employer Match/Contribution Conditions: The Company's contribution to the Plan is at the discretion of the Company's Board of Directors.

3. Vesting Schedule/Eligibility: Participants vest in Company contributions based on years of service, at a rate of 20% per year, becoming fully vested after six years of service. Eligibility requires employees to be age 21 or older and have at least one year of service, with a minimum of 1,000 hours worked during the 12-month period.

4. Roth 401(k) Contribution: The plan allows Roth contributions.

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