SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Contribution & Employer Match

SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Contribution & Employer Match

SALEM CLINIC, P.C. provides the following retirement savings benefits to its employees:

SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN is $175,791.00

SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN is $2,973.00. 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.
190,287.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,973.00 in SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS 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 SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS 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’.

SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN allocates $3,877,860.00 to match its employees' contributions, providing an employer match rate of 213.99% of their contributions

SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN is approximately $6,506.00
Investing in this additonal $6,506.00 for 20 years would give you extra $416,414.00, assuming a 10% annual return.

SALEM CLINIC, P.C. 401(K) CASH OR DEFERRED SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 1% and 100% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer may make discretionary profit sharing contributions of 7% of the participant’s eligible compensation up to the social security limit of $147,000 and an additional 5.7% on eligible compensation above $147,000, totaling 12.7% up to a maximum compensation of $305,000. Additionally, the employer makes safe harbor contributions equal to 3% of the participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and employer safe harbor contributions. For employer profit sharing contributions, the vesting schedule is as follows: 0% after 1 year, 33% after 2 years, 67% after 3 years, and 100% after 4 or more years of service. Eligibility requires employees to be at least 21 years old and complete one year of service (1,000 hours worked).

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