COVERYS 401(K) RETIREMENT PLAN Contribution & Employer Match
How MEDICAL PROFESSIONAL MUTUAL INSURANCE COMPANY Supports Your Retirement Savings
MEDICAL PROFESSIONAL MUTUAL INSURANCE COMPANY provides retirement savings benefits through COVERYS 401(K) RETIREMENT 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.
COVERYS 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
COVERYS 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
624,387.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,756.00 in COVERYS 401(K) RETIREMENT PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in COVERYS 401(K) RETIREMENT 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.
COVERYS 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
COVERYS 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,240.00 for 20 years would give you extra $335,404.00, 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.
COVERYS 401(K) RETIREMENT PLAN Contribution & Match Policy
COVERYS 401(K) RETIREMENT PLAN Contribution, Match and Other Plan Policies
- The Plan provides for employee salary deferral contributions by the participants subject to the maximum tax-deferred limitations established by the Internal Revenue Code.
- Participants may also make contributions to the Plan in the form of a rollover of funds from another qualified plan.
- Participating employers may make discretionary matching contributions and profit-sharing contributions, as further described in the plan adoption agreement.
- In addition, participating employers may make additional discretionary contributions on an annual basis.
- Participants are immediately 100 percent vested in employee salary and rollover contributions and any income or loss thereon.
- Participants vest in other employer contributions based on various vesting schedules, as described in the plan document.
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:
| 2024 | 2025 | |
|---|---|---|
| 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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