FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Contribution & Employer Match

How FIRST NEW YORK FEDERAL CREDIT UNION Supports Your Retirement Savings

FIRST NEW YORK FEDERAL CREDIT UNION provides retirement savings benefits through FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION 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.

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN is $98,311.00

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN is $3,619.00. 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.
231,641.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,619.00 in FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION 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.

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Total Employer Contribution and Match Rate

In 2024, FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN allocates $413,102.00 to match its employees’ contributions, providing an employer match rate of 81.82% of their contributions

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN is approximately $3,037.00
Investing in this additonal $3,037.00 for 20 years would give you extra $194,400.00, 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.

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Contribution & Match Policy

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Plan Policies

FIRST NEW YORK FEDERAL CREDIT UNION CAPITAL ACCUMULATION PLAN Contribution, Match and Other Plan Policies

  • Each eligible employee can elect to make salary deferral contributions into the Plan up to 100% of their eligible compensation subject to certain limitations under the Internal Revenue Code (IRC).
  • Participants who have attained age 50 before the Plan year end are eligible to make catch-up contributions.
  • The Credit Union makes a safe harbor matching contribution equal to 100% of the eligible participant’s deferrals that do not exceed 4% of eligible compensation.
  • Safe harbor matching contributions are 100% vested.
  • The Credit Union may make a discretionary matching contribution equal to a uniform percentage of the eligible employee’s salary deferrals.
  • The matching contribution in any Plan year will not exceed 4% of eligible compensation.
  • There were no discretionary matching contributions for the year ended December 31, 2024.
  • Participants are immediately vested in their voluntary contributions, safe harbor contributions, and rollovers, plus actual earnings thereon.
  • For matching contributions and profit-sharing contributions, a participant is 20% vested after two years of service, increasing 20% per year, with 100% vesting after 6 years of credited service.
  • Participants automatically become fully vested upon death, disability or attainment of early retirement age (59) while under the employment of the Credit Union, regardless of years of service.

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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