PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Contribution & Employer Match

PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Contribution & Employer Match

PREMIER FAMILY MEDICAL, LLC provides the following retirement savings benefits to its employees:

PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN is $65,735.00

PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN is $3,283.00. 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.
210,155.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,283.00 in PREMIER FAMILY MEDICAL, LLC 401(K) 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 PREMIER FAMILY MEDICAL, LLC 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’.

PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN allocates $505,297.00 to match its employees' contributions, providing an employer match rate of 57.53% of their contributions

PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN is approximately $1,824.00
Investing in this additonal $1,824.00 for 20 years would give you extra $116,747.00, assuming a 10% annual return.

PREMIER FAMILY MEDICAL, LLC 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to the maximum amount of compensation allowed by Code Sections 402(g) and 414(v), not to exceed the limits for 2022 of $20,500.

2. Employer Match/Contribution Conditions: The employer provides a safe harbor matching contribution of 100% of employee deferrals up to 3% of annual compensation, and 50% of employee deferrals of the next 2% of annual compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe harbor matching contributions. Vesting in the employer’s discretionary contribution is based on years of continuous service, with a schedule of 0% vested at 1 year, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years. Employees are eligible to participate after completing six months of service and being 21 years of age or older, with 500 hours of service during the eligibility period.

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