RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Contribution & Employer Match

RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Contribution & Employer Match

RAMAPO RADIOLOGY ASSOCIATES, P.C. provides the following retirement savings benefits to its employees:

RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN is $157,539.00

RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN is $4,751.00. 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.
304,081.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,751.00 in RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT 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 RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) 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’.

RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN allocates $145,222.00 to match its employees' contributions, providing an employer match rate of 22.07% of their contributions

RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN is approximately $1,180.00
Investing in this additonal $1,180.00 for 20 years would give you extra $75,562.00, assuming a 10% annual return.

RAMAPO RADIOLOGY ASSOCIATES, P.C. 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible annual compensation, limited to the maximum amount allowable under the provisions of the IRC ($20,500 in 2022). Participants aged 50 or older may contribute an additional $6,500 "catch up" contribution.

2. Employer Match/Contribution Conditions: Eligibility for employer contributions requires a participant to have completed one year of service, defined as 1,000 hours of service in a plan year. The Company may match contributions equal to a certain percentage of a participant’s 401(k) elective deferral contribution, limited to a discretionary percentage of a participant’s compensation or a discretionary dollar amount.

3. Vesting Schedule/Eligibility: Vesting in the employer contributions portion of their accounts is based on years of continuous service, with participants vesting at a rate of 20% per year, achieving full vesting after completing five years of credited service. Accounts become fully vested in the event of death, disability, or attainment of age 65.

4. Roth 401(k) contribution: The Plan allows participants to defer funds into a “Roth 401(k) deferral.”

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