PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Contribution & Employer Match

PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Contribution & Employer Match

PDG, P.A. provides the following retirement savings benefits to its employees:

PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN is $91,567.00

PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN is $5,742.00. 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.
367,489.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,742.00 in PARK DENTAL/THE DENTAL SPECIALISTS 401(K) 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 PARK DENTAL/THE DENTAL SPECIALISTS 401(K) 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’.

PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN allocates $3,137,366.00 to match its employees' contributions, providing an employer match rate of 36.47% of their contributions

PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN is approximately $2,087.00
Investing in this additonal $2,087.00 for 20 years would give you extra $133,593.00, assuming a 10% annual return.

PARK DENTAL/THE DENTAL SPECIALISTS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 80% of their pretax annual compensation. If they do not elect or waive their rights, 6% will be automatically withheld in the first year, increasing by 1% annually to a maximum of 15%.

2. Employer Match/Contribution Conditions: The employer makes a non-elective contribution equal to 3% of eligible compensation to all eligible participants. Additional profit sharing amounts may be contributed at the option of the Companies' Boards of Directors.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and actual earnings. Vesting in the Companies' contributions is 50% per year, becoming fully vested after two years of credited service. For other Companies' contributions, participants vest 25% per year starting in the second year, becoming fully vested after five years of credited service.

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