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401(k)
Employee Contributions
Employees may contribute up to $19,000 pre-tax dollars (per IRS
regulations). If you are 50 or older, the IRS allows you to contribute even
more pre-tax dollars to your retirement account to help offset smaller
contributions from earlier in your working years. If you qualify for these
“catch-up” contributions, you can contribute an additional $6,000 to the
401(k). How do you qualify? Simply by being 50 or over. You do not
have to be “behind” in your retirement saving goals or below a certain
threshold.
401(k) Savings and Retirement Planning
American Oncology Network’s 401(k) proit sharing plan provides
an excellent opportunity for employees to enhance their long term
inancial well-being and plan for their retirement. The 401(k) program is
administered through Principal.
Employees are eligible on the irst day of the quarter (January, April, July,
or October) after completion of one year of employment and if they are
age 18 or older.
American Oncology Network provides a match of 100% on the irst 3%
of employee contributions and a 50% match on the next 2% of employee
contributions. Employees are 100% vested in their contributions and
100% vested in the company match.
Example
John’s annual compensation is $45,000/$1,730 per pay period. He
contributes 5% each pay period into the 401(k) plan. John’s contribution
and the American Oncology Network match is calculated as follows.
American Oncology
John Network
$1,730 × 3% $51 .90 $51 .90
$1,730 × 2% $34 .60 $17 .30
Totals $86 .50 $69 .20
Total per pay period contribution and match = $155.70
20 2019 Benefits Enrollment
Employee Contributions
Employees may contribute up to $19,000 pre-tax dollars (per IRS
regulations). If you are 50 or older, the IRS allows you to contribute even
more pre-tax dollars to your retirement account to help offset smaller
contributions from earlier in your working years. If you qualify for these
“catch-up” contributions, you can contribute an additional $6,000 to the
401(k). How do you qualify? Simply by being 50 or over. You do not
have to be “behind” in your retirement saving goals or below a certain
threshold.
401(k) Savings and Retirement Planning
American Oncology Network’s 401(k) proit sharing plan provides
an excellent opportunity for employees to enhance their long term
inancial well-being and plan for their retirement. The 401(k) program is
administered through Principal.
Employees are eligible on the irst day of the quarter (January, April, July,
or October) after completion of one year of employment and if they are
age 18 or older.
American Oncology Network provides a match of 100% on the irst 3%
of employee contributions and a 50% match on the next 2% of employee
contributions. Employees are 100% vested in their contributions and
100% vested in the company match.
Example
John’s annual compensation is $45,000/$1,730 per pay period. He
contributes 5% each pay period into the 401(k) plan. John’s contribution
and the American Oncology Network match is calculated as follows.
American Oncology
John Network
$1,730 × 3% $51 .90 $51 .90
$1,730 × 2% $34 .60 $17 .30
Totals $86 .50 $69 .20
Total per pay period contribution and match = $155.70
20 2019 Benefits Enrollment
