UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

UROLOGY CLINICS OF NORTH TEXAS, PLLC provides the following retirement savings benefits to its employees:

UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN is $171,056.00

UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN is $5,082.00. 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.
325,300.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,082.00 in UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) 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 UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) 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’.

UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN allocates $2,736,837.00 to match its employees' contributions, providing an employer match rate of 156.07% of their contributions

UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN is approximately $7,709.00
Investing in this additonal $7,709.00 for 20 years would give you extra $493,401.00, assuming a 10% annual return.

UROLOGY CLINICS OF NORTH TEXAS, PLLC 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100 percent of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer will make a non-elective contribution equal to a uniform percentage of each Participant's compensation for the plan year (Safe Harbor Contributions). Additionally, profit-sharing amounts may be contributed at the option of the Company’s board of directors, and employees must complete a year of service during the plan year and be actively employed on the last day of the plan year to share in the Company’s profit-sharing contributions.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their elective contributions and employer safe harbor contributions plus actual earnings. A participant becomes 100 percent vested after six years of credited service. Full and immediate vesting occurs upon attainment of normal retirement age, death, or disability. Eligibility requires completion of one year of service and being at least 21 years of age.

4. Roth 401(k) Contribution: The text does not mention Roth 401(k) contributions.

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