WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN Contribution & Employer Match

How WESTCHESTER MEDICAL GROUP, P.C. D/B/A WESTMED MEDICAL GROUP Supports Your Retirement Savings

WESTCHESTER MEDICAL GROUP, P.C. D/B/A WESTMED MEDICAL GROUP provides retirement savings benefits through WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

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.

* Data are from public filings.

Employer Match in WESTMED MEDICAL GROUP RETIREMENT SAVING PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

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.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

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.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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