ORTHOLONESTAR 401(K) RETIREMENT PLAN Contribution & Employer Match
ORTHOLONESTAR 401(K) RETIREMENT PLAN Contribution & Employer Match
ORTHOLONESTAR, PLLC provides the following retirement savings benefits to its employees:
ORTHOLONESTAR 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
ORTHOLONESTAR 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
314,711.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,917.00 in ORTHOLONESTAR 401(K) RETIREMENT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 ORTHOLONESTAR 401(K) RETIREMENT 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’.
ORTHOLONESTAR 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
ORTHOLONESTAR 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,901.00 for 20 years would give you extra $377,674.00, assuming a 10% annual return.
ORTHOLONESTAR 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of eligible compensation.
2. Employer Match/Contribution Conditions: The employer makes a non-elective safe harbor contribution of 3% of eligible compensation and may also contribute discretionary profit-sharing amounts.
3. Vesting Schedule/Eligibility: Participants are 100% vested after six years of credited service for company matching and profit-sharing contributions. Employees must complete one year of service to participate in the employer matching portion and non-elective contributions.
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