THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Contribution & Employer Match

THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Contribution & Employer Match

METROPOLITAN OPERA ASSOCIATION, INC. provides the following retirement savings benefits to its employees:

THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN is $178,655.00

THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN is $7,738.00. 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.
495,237.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,738.00 in THE METROPOLITAN OPERA RETIREMENT SAVINGS 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 THE METROPOLITAN OPERA RETIREMENT SAVINGS 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’.

THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN allocates $57,509.00 to match its employees' contributions, providing an employer match rate of 0.62% of their contributions

THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN is approximately $47.00
Investing in this additonal $47.00 for 20 years would give you extra $3,024.00, assuming a 10% annual return.

THE METROPOLITAN OPERA RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the maximum dollar amount prescribed by law of their pre-tax annual compensation, which was $20,500 for 2022. Participants age 50 and older may make catch-up contributions of up to $6,500 for 2022.

2. Employer Match/Contribution Conditions: Employer nondiscretionary contributions are made to the Plan for certain classifications of employees. Staff performers received a contribution of 10% of compensation, subject to terms/rates agreed upon by the Plan Sponsor and the American Guild of Musical Artists.

3. Vesting Schedule/Eligibility: Participants are fully and immediately vested in the benefits arising from all employee and employer contributions. All employees of the Plan Sponsor are eligible to participate in the Plan.

4. It allows Roth 401(k) contribution.

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