METRO IMAGING, LLC RETIREMENT PLAN Contribution & Employer Match
METRO IMAGING, LLC RETIREMENT PLAN Contribution & Employer Match
METRO IMAGING, LLC provides the following retirement savings benefits to its employees:
METRO IMAGING, LLC RETIREMENT PLAN Average Participant Retirement Account Value
METRO IMAGING, LLC RETIREMENT PLAN Estimated Average Employee Contribution Amount
227,633.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,556.00 in METRO IMAGING, LLC RETIREMENT 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 METRO IMAGING, LLC RETIREMENT 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’.
METRO IMAGING, LLC RETIREMENT PLAN Total Employer Contribution and Match Rate
METRO IMAGING, LLC RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,193.00 for 20 years would give you extra $332,368.00, assuming a 10% annual return.
METRO IMAGING, LLC RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to defer up to 80% of compensation.
2. Employer Match/Contribution Conditions: The Company provides a safe harbor non-elective contribution of 3% of eligible compensation.
3. Vesting Schedule/Eligibility: Participants are fully vested at all times in their contributions and Company contributions plus actual earnings. For discretionary profit-sharing contributions prior to January 1, 2020, the vesting schedule was as follows: 0% vested for less than 1 year, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6+ years. All participants become fully vested when they attain retirement age, die, or become disabled.
4. The plan does not mention Roth 401(k) contributions.
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