SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Contribution & Employer Match

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Contribution & Employer Match

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE provides the following retirement savings benefits to its employees:

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN is $75,998.00

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN is $3,691.00. 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.
236,232.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,691.00 in SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) 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 SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) 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’.

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN allocates $391,434.00 to match its employees' contributions, providing an employer match rate of 48.76% of their contributions

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN is approximately $1,771.00
Investing in this additonal $1,771.00 for 20 years would give you extra $113,356.00, assuming a 10% annual return.

SOUTH FLORIDA ORTHOPAEDICS & SPORTS MEDICINE 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of pretax annual compensation, subject to IRC limitations.

2. Employer Match/Contribution Conditions: The Company may contribute a matching contribution for each Plan year based on participant deferral contributions. Participants must complete at least 1,000 hours of service and be employed as of the last day of the contribution period to be eligible. Safe harbor matching contributions are made in an amount equal to 100% of the amount of elective contributions on behalf of the participant for the Plan year up to the first 3% of the participant’s compensation, plus 50% of the amount of elective contributions that exceed 3% but do not exceed 5% of the participant’s compensation.

3. Vesting Schedule/Eligibility: A participant is 100% vested upon death, disability, retirement age, or after six years of credited service (0% after less than 2 years, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years). Eligibility for employer contributions requires one year and 1,000 hours of service.

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