SEAVIEW ORTHOPAEDICS 401(K) PLAN Contribution & Employer Match
SEAVIEW ORTHOPAEDICS 401(K) PLAN Contribution & Employer Match
SEAVIEW ORTHOPAEDICS & MEDICAL ASSOCIATES provides the following retirement savings benefits to its employees:
SEAVIEW ORTHOPAEDICS 401(K) PLAN Average Participant Retirement Account Value
SEAVIEW ORTHOPAEDICS 401(K) PLAN Estimated Average Employee Contribution Amount
284,317.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,442.00 in SEAVIEW ORTHOPAEDICS 401(K) 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 SEAVIEW ORTHOPAEDICS 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’.
SEAVIEW ORTHOPAEDICS 401(K) PLAN Total Employer Contribution and Match Rate
SEAVIEW ORTHOPAEDICS 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $5,365.00 for 20 years would give you extra $343,412.00, assuming a 10% annual return.
SEAVIEW ORTHOPAEDICS 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Each year, participants may contribute a percentage of pre‐tax annual compensation, as defined by the Plan.
2. Employer Match/Contribution Conditions: The Employer may also make safe harbor and discretionary profit sharing contributions. The Company elected to make profit sharing and safe harbor contributions in the amount of $1,635,922 and $1,208,694 for the years ended December 31, 2022 and 2021, respectively.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings. Vesting in the Employer's contribution portion is based on years of continuous service: 100% vested in discretionary profit‐sharing contribution after six years of credited service.
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