UCI MEDICAL AFFIILIATES SAVINGS PLAN Contribution & Employer Match
UCI MEDICAL AFFIILIATES SAVINGS PLAN Contribution & Employer Match
UCI MEDICAL AFFILIATES OF SOUTH CAROLINA, INC. provides the following retirement savings benefits to its employees:
UCI MEDICAL AFFIILIATES SAVINGS PLAN Average Participant Retirement Account Value
UCI MEDICAL AFFIILIATES SAVINGS PLAN Estimated Average Employee Contribution Amount
111,777.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,746.00 in UCI MEDICAL AFFIILIATES SAVINGS PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 UCI MEDICAL AFFIILIATES 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’.
UCI MEDICAL AFFIILIATES SAVINGS PLAN Total Employer Contribution and Match Rate
UCI MEDICAL AFFIILIATES SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $945.00 for 20 years would give you extra $60,518.00, assuming a 10% annual return.
UCI MEDICAL AFFIILIATES SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to $20,500 of their salary to the plan, with an additional catch-up contribution of $6,500 for those aged 50 or older.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 4% of compensation contributed by a participant.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions, the company discretionary contributions, and the company safe-harbor match, with no specific years of service or hours worked required for vesting.
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