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CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Contribution & Employer Match

CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Contribution & Employer Match

CARDIOTHORACIC & VASCULAR SURGICAL ASSOCIATES, P.A. provides the following retirement savings benefits to its employees:

CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN is $127,926.00

CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN is $5,871.00. 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.
375,793.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,871.00 in CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) 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 CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) 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’.

CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Total Employer Contribution and Match Rate

In 2021, CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN allocates $476,288.00 to match its employees' contributions, providing an employer match rate of 38.08% of their contributions

CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN is approximately $2,236.00
Investing in this additonal $2,236.00 for 20 years would give you extra $143,110.00, assuming a 10% annual return.

CARDIOTHORACIC & VASCULAR SURGICAL ASSOC., P.A. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 80% of pretax annual compensation, subject to Internal Revenue Code limitations.

2. Employer Match/Contribution Conditions: To be eligible for the Company profit sharing contribution, participants must have completed 1,000 hours of service during the Plan year and be employed on the last day of the Plan year. There was no discretionary match for 2021.

3. Vesting Schedule/Eligibility: A participant is 100% vested after six years of credit service. Vesting percentages are as follows: Less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 years - 100%. Participants are immediately vested in their voluntary contributions and rollovers plus actual earnings.

4. It allows Roth 401(k) contribution.

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