MSR/RAMS RETIREMENT PLAN Contribution & Employer Match
MSR/RAMS RETIREMENT PLAN Contribution & Employer Match
MAIN STREET RADIOLOGY AT BAYSIDE, LLC provides the following retirement savings benefits to its employees:
MSR/RAMS RETIREMENT PLAN Average Participant Retirement Account Value
MSR/RAMS RETIREMENT PLAN Estimated Average Employee Contribution Amount
330,405.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,162.00 in MSR/RAMS 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 MSR/RAMS 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’.
MSR/RAMS RETIREMENT PLAN Total Employer Contribution and Match Rate
MSR/RAMS RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,428.00 for 20 years would give you extra $347,443.00, assuming a 10% annual return.
MSR/RAMS RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of pre-tax annual compensation, with a minimum of 1% for Roth after-tax contributions.
2. Employer Match/Contribution Conditions: The Company may decide to make matching contributions at its discretion.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately. The vesting for the Company's contributions is based on years of continuous service, with 100% vesting after six years.
4. Roth 401(k) Contribution: Yes.
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