MEDICAL FACULTY ASSOCIATES 403(B) PLAN Contribution & Employer Match
MEDICAL FACULTY ASSOCIATES 403(B) PLAN Contribution & Employer Match
MEDICAL FACULTY ASSOCIATES, INC. provides the following retirement savings benefits to its employees:
MEDICAL FACULTY ASSOCIATES 403(B) PLAN Average Participant Retirement Account Value
MEDICAL FACULTY ASSOCIATES 403(B) PLAN Estimated Average Employee Contribution Amount
243,295.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,801.00 in MEDICAL FACULTY ASSOCIATES 403(B) PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 MEDICAL FACULTY ASSOCIATES 403(B) 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’.
MEDICAL FACULTY ASSOCIATES 403(B) PLAN Total Employer Contribution and Match Rate
MEDICAL FACULTY ASSOCIATES 403(B) PLAN Estimated Average Employer Match
Investing in this additonal $2,031.00 for 20 years would give you extra $129,999.00, assuming a 10% annual return.
MEDICAL FACULTY ASSOCIATES 403(B) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute up to $20,500 for 2022.
2. Employer Match/Contribution Conditions: Employer contributions are mandatory at 4% of eligible employee compensation for "Community Unit Participants," while contributions for "Teaching Unit Participants" are discretionary.
3. Vesting Schedule/Eligibility: All employees above the age of 21 are eligible to participate. There is a three-year cliff vesting schedule for employer contributions, and employees are 100% vested in their own contributions.
4. Roth 401(k) contribution: Yes, the plan allows for after-tax Roth elective deferral contributions.
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