SABATES EYE CENTERS, P.A. 401(K) PLAN Contribution & Employer Match
SABATES EYE CENTERS, P.A. 401(K) PLAN Contribution & Employer Match
SABATES EYE CENTERS, P.A. provides the following retirement savings benefits to its employees:
SABATES EYE CENTERS, P.A. 401(K) PLAN Average Participant Retirement Account Value
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 SABATES EYE CENTERS, P.A. 401(K) 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’.
SABATES EYE CENTERS, P.A. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 50% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of employee contributions up to 4% of the employee's salary.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 100% after 3 years of service. Eligibility requires employees to work at least 1,000 hours per year.
4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.
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