BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Contribution & Employer Match

BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Contribution & Employer Match

BRYN MAWR SPECIALISTS ASSOCIATION provides the following retirement savings benefits to its employees:

BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN is $358,771.00

BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN is $5,246.00. 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.
335,807.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,246.00 in BRYN MAWR SPECIALISTS ASSOCIATION 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 BRYN MAWR SPECIALISTS ASSOCIATION 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’.

BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2021, BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN allocates $3,570,463.00 to match its employees' contributions, providing an employer match rate of 176.29% of their contributions

BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN is approximately $9,249.00
Investing in this additonal $9,249.00 for 20 years would give you extra $591,993.00, assuming a 10% annual return.

BRYN MAWR SPECIALISTS ASSOCIATION PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of pretax annual compensation, not to exceed $19,500 in 2021.

2. Employer Match/Contribution Conditions: The Plan Sponsor may make discretionary profit-sharing contributions ranging from 0% to 15% of the participant’s compensation each year, and a bonus contribution equal to 2% of the participant’s compensation for eligible employees.

3. Vesting Schedule/Eligibility: All participants are immediately 100% vested in the participant and employer contributions upon meeting eligibility requirements, which include completing one year of service, having 1,000 hours of service during the Plan year, and attaining the age of 21.

4. Roth 401(k) Contribution: Participants may elect to make after-tax Roth contributions up to the dollar limit set by law.

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