PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

PINEHURST MEDICAL CLINIC, INC. provides the following retirement savings benefits to its employees:

PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN is $135,396.00

PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN is $4,262.00. 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.
272,830.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,262.00 in PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING 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 PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING 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’.

PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN allocates $5,265,012.00 to match its employees' contributions, providing an employer match rate of 136.85% of their contributions

PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN is approximately $5,433.00
Investing in this additonal $5,433.00 for 20 years would give you extra $347,740.00, assuming a 10% annual return.

PINEHURST MEDICAL CLINIC, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 4 percent of eligible compensation, with an auto-enrollment provision set at 4 percent of eligible compensation.

2. Employer Match/Contribution Conditions: The Company matches 25 percent of the first four percent of annual compensation that a participant contributes to the Plan. In addition, a safe harbor non-elective contribution of 3 percent of each eligible employee’s salary is provided.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and any safe harbor non-elective Company contributions. Vesting in the Company’s matching and profit-sharing contributions is based on years of continuous service, with a vesting schedule of 20% increments and 100% vesting after five years. Eligibility requires 30 days of service and being at least 18 years of age.

4. Roth 401(k) contributions are allowed.

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