PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Contribution & Employer Match

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Contribution & Employer Match

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. provides the following retirement savings benefits to its employees:

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN is $122,383.00

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN is $3,761.00. 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.
240,742.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,761.00 in PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. 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 PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. 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’.

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN allocates $979,811.00 to match its employees' contributions, providing an employer match rate of 145.93% of their contributions

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN is approximately $5,354.00
Investing in this additonal $5,354.00 for 20 years would give you extra $342,666.00, assuming a 10% annual return.

PORTLAND GASTROENTEROLOGY ASSOCIATES, P.A. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to $20,500 in 2022, plus an additional catch-up contribution of $6,500 if age 50 or older.

2. Employer Match/Contribution Conditions: The employer matches 25% of the first 4% of based compensation that a participant contributes to the plan. The employer also makes a “safe harbor” contribution equal to 3% of compensation for all eligible participants.

3. Vesting Schedule/Eligibility: Employees must work a minimum of 1,000 hours to be eligible for employer contributions and to earn a year of vesting. The vesting schedule for employer contributions is as follows:

4. - 1 year: 20%

5. - 2 years: 40%

6. - 3 years: 60%

7. - 4 years: 80%

8. - 5 years: 100%

9. For employer match contributions, the schedule is:

10. - 1 year: 0%

11. - 2 years: 20%

12. - 3 years: 100%

13. Roth 401(k) Contribution: The plan allows Roth elective deferrals.

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