TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

TOLEDO CLINIC, INC. provides the following retirement savings benefits to its employees:

TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST is $125,498.00

TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST is $4,043.00. 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.
258,798.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,043.00 in TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST, 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 TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST

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’.

TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST allocates $7,075,733.00 to match its employees' contributions, providing an employer match rate of 98.47% of their contributions

TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST is approximately $3,963.00
Investing in this additonal $3,963.00 for 20 years would give you extra $253,695.00, assuming a 10% annual return.

TOLEDO CLINIC, INC. EMPLOYEES' 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, limited by Plan provisions, as pretax 401(k) or Roth contributions.

2. Employer Match/Contribution Conditions: The Company makes safe harbor contributions of 3% of eligible compensation for eligible participants on a pay date basis and also makes profit sharing contributions based on eligible compensation formulas by employment group on a pay date basis.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, safe harbor contributions, and rollover contributions. The Company’s profit sharing contribution portion is 100% vested after three years of credited services. Eligibility requires completion of sixty days of service for participation and one year of service for employer contributions.

4. Roth 401(k) contribution is allowed.

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