PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Contribution & Employer Match

PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Contribution & Employer Match

PERMANENTE DENTAL ASSOCIATES, PC provides the following retirement savings benefits to its employees:

PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN is $625,495.00

PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN is $15,557.00. 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.
995,691.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 15,557.00 in PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT 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 PERMANENTE DENTAL ASSOCIATES 401K 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’.

PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN allocates $4,086,432.00 to match its employees' contributions, providing an employer match rate of 118.05% of their contributions

PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN is approximately $17,538.00
Investing in this additonal $17,538.00 for 20 years would give you extra $1,122,453.00, assuming a 10% annual return.

PERMANENTE DENTAL ASSOCIATES 401K RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 1% and 100% of eligible pre-tax compensation.

2. Employer Match/Contribution Conditions: The employer makes safe harbor contributions equal to 7.5% of the participant’s eligible compensation. The supplemental contribution is generally equal to 5% of compensation, but not to exceed $5,000 per participant unless designated higher by the Board of Directors.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions and actual earnings. Employees are eligible to make contributions and receive employer contributions upon their date of hire.

4. Roth 401(k) Contribution: The plan allows Roth contributions using after-tax compensation.

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