BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Contribution & Employer Match

How BANYAN MEDICAL SOLUTIONS, LLC Supports Your Retirement Savings

BANYAN MEDICAL SOLUTIONS, LLC provides retirement savings benefits through BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN is $6,933.00

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN is $3,909.00. 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.
250,216.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,909.00 in BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2024, BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN allocates $301,162.00 to match its employees’ contributions, providing an employer match rate of 30.94% of their contributions

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN is approximately $604.00
Investing in this additonal $604.00 for 20 years would give you extra $38,703.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Contribution & Match Policy

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Plan Policies

BANYAN MEDICAL SOLUTIONS, INC. 401(K) PLAN Contribution, Match and Other Plan Policies

  • The Plan allows participants to defer up to 90% of their pre or post-tax annual compensation, as defined in the plan document, through payroll withholdings.
  • The Plan also allows participants to make after-tax Roth contributions.
  • Participants who have attained age 50 before the end of the year are eligible to make ‘catch-up’ contributions.
  • The Plan includes an auto-enrollment provision whereby all newly eligible participants are automatically enrolled at a deferral rate of 1% unless they affirmatively elect not to participate.
  • Discretionary matching contributions, which were equal to 50% of participant deferrals up to 3% of eligible compensation, amounted to $301,162, net of forfeitures, for the year ended December 31, 2024.
  • Participants are immediately vested in their contributions (deferrals and rollovers) and earnings thereon.
  • Vesting in Company contributions is based on years of continuous service at a rate of 25% per year after one full year of credited service.
  • A participant is 100% vested after four years of credited service.
  • Participants also become 100% vested upon death or disability.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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