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WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Contribution & Employer Match

WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Contribution & Employer Match

WESTCHESTER MEDICAL GROUP, P.C. D/B/A WESTMED MEDICAL GROUP provides the following retirement savings benefits to its employees:

WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN is $371.00. 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.
23,805.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 371.00 in WESTMED MEDICAL GROUP RETIREMENT SAVING 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 WESTMED MEDICAL GROUP RETIREMENT SAVING 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’.

WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Total Employer Contribution and Match Rate

In 2022, WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN allocates $19,405.00 to match its employees' contributions, providing an employer match rate of 2.87% of their contributions

WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN is approximately $10.00
Investing in this additonal $10.00 for 20 years would give you extra $690.00, assuming a 10% annual return.

WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of eligible compensation on a pre-tax or after-tax basis (Roth contributions), subject to Plan and Internal Revenue Code limits.

2. Employer Match/Contribution Conditions: The Plan Sponsor intends to make an annual safe harbor non-elective contribution equal to 3% of compensation for each eligible participant. Discretionary profit-sharing or matching contributions can also be made at the Plan Sponsor's discretion.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective deferral and rollover contributions, all QNEC, and discretionary profit-sharing contributions. Vesting in discretionary matching contributions is as follows: Less than 2 years: 0%, 2 years: 20%, 3 years: 40%, 4 years: 60%, 5 years: 80%, 6 or more years: 100%. Eligibility requires employees to attain 21 years of age and complete 60 days of service for elective deferrals or 1,000 hours of service within one Plan year for safe harbor contributions.

4. Roth 401(k) Contribution: Yes, the plan allows for Roth contributions.

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