CENTRAL VIRGINIA FAMILY PHYSICIANS, INC. 401 (K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match
CENTRAL VIRGINIA FAMILY PHYSICIANS, INC. 401 (K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match
CENTRAL VIRGINIA FAMILY PHYSICIANS, INC. provides the following retirement savings benefits to its employees:
CENTRAL VIRGINIA FAMILY PHYSICIANS, INC. 401 (K) PROFIT SHARING PLAN AND TRUST 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 CENTRAL VIRGINIA FAMILY PHYSICIANS, INC. 401 (K) PROFIT SHARING PLAN AND TRUST
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’.
CENTRAL VIRGINIA FAMILY PHYSICIANS, INC. 401 (K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their compensation, not to exceed the dollar limitation contained in the Internal Revenue Code.
2. Employer Match/Contribution Conditions: The Employer must contribute at least 3% of base compensation as a non-elective contribution to maintain “safe harbor” status. Matching contributions are made as a uniform percentage of compensation at the Employer's discretion.
3. Vesting Schedule/Eligibility: Participants are automatically 100 percent vested in their elective contributions and any “safe harbor” contributions made by the Employer. Participants become vested in the Employer’s discretionary profit sharing contributions and matching contributions after six years of credited service or if termination occurs due to retirement, disability, or death.
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