SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Contribution & Employer Match

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Contribution & Employer Match

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. provides the following retirement savings benefits to its employees:

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN is $640,203.00

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN is $13,157.00. 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.
842,103.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,157.00 in SANSUM SANTA BARBARA MEDICAL CLINIC, INC. 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 SANSUM SANTA BARBARA MEDICAL CLINIC, INC. 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’.

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN allocates $5,038,462.00 to match its employees' contributions, providing an employer match rate of 122.93% of their contributions

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN is approximately $15,745.00
Investing in this additonal $15,745.00 for 20 years would give you extra $1,007,692.00, assuming a 10% annual return.

SANSUM SANTA BARBARA MEDICAL CLINIC, INC. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their pre-tax annual compensation, subject to the annual limitation imposed by the Internal Revenue Code (IRC), which was $20,500 for 2022.

2. Employer Match/Contribution Conditions: The Corporation may make discretionary contributions to the Plan, and for 2022, the profit sharing contributions were 10% of an employee’s annual compensation, with a maximum of $30,500 per employee.

3. Vesting Schedule/Eligibility: Profit sharing contributions are fully vested after two years of service. A participant is eligible for these contributions after attaining the age of twenty-one and completing two years of service, provided they are scheduled to work more than 1,000 hours that year and are not per-diem paid employees.

4. Roth 401(k) Contribution: The Plan allows Roth after-tax deferrals.

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