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EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

EASTERN RADIOLOGISTS, INC. provides the following retirement savings benefits to its employees:

EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST is $432,782.00

EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST is $8,942.00. 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.
572,289.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,942.00 in EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST, 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 EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST

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’.

EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST allocates $3,381,993.00 to match its employees' contributions, providing an employer match rate of 150.08% of their contributions

EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST is approximately $12,908.00
Investing in this additonal $12,908.00 for 20 years would give you extra $826,135.00, assuming a 10% annual return.

EASTERN RADIOLOGISTS, INC. PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 7% of their salary after an automatic deferral starts at 3% and increases by 1% annually.

2. Employer Match/Contribution Conditions: The employer matches 75% on the first 6.7214% of employee contributions, with additional discretionary profit-sharing contributions.

3. Vesting Schedule/Eligibility: Employees are immediately vested in their own contributions. For employer contributions, those who joined before January 1, 2015 are fully vested, whereas those who joined after that date are vested at 20% after one year, increasing by 20% each subsequent year, becoming 100% vested after six years of service.

4. Roth 401(k) contributions are allowed.

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