LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Employer Match

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Employer Match

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. provides the following retirement savings benefits to its employees:

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN is $184,003.00

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN is $3,071.00. 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.
196,606.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,071.00 in LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS 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 LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS 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’.

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2021, LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN allocates $523,466.00 to match its employees' contributions, providing an employer match rate of 106.50% of their contributions

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN is approximately $3,271.00
Investing in this additonal $3,271.00 for 20 years would give you extra $209,386.00, assuming a 10% annual return.

LONG ISLAND VITREORETINAL CONSULTANTS, P.C. 401(K) EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to have compensation deferred by up to the maximum percentage allowable, not to exceed the statutory limits.

2. Employer Match/Contribution Conditions: The Company may contribute a discretionary match based on the participants' elective deferrals, and there is also a safe harbor provision with an employer contribution of 3% of eligible participants' compensation.

3. Vesting Schedule/Eligibility: Participants are fully vested immediately in their salary reduction contributions and the employers safe harbor contributions. For the Company's discretionary profit sharing contribution and matching contributions, the vesting schedule is:

4. - Less than 2 years: 0%

5. - 2 years: 20%

6. - 3 years: 40%

7. - 4 years: 60%

8. - 5 years: 80%

9. - 6 years: 100%

10. Eligibility requires completing twelve consecutive months of service and attaining the age of 21.

11. Roth 401(k) Contribution: Yes, participants may elect to have all or a portion of the elective deferrals as Roth elective deferrals.

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