THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Contribution & Employer Match

THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Contribution & Employer Match

THE EYE CARE GROUP, P.C. provides the following retirement savings benefits to its employees:

THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT is $116,820.00

THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT is $2,782.00. 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.
178,105.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,782.00 in THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT, 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 EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT

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 EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Total Employer Contribution and Match Rate

In 2023, THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT allocates $488,243.00 to match its employees' contributions, providing an employer match rate of 91.38% of their contributions

THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT is approximately $2,529.00
Investing in this additonal $2,529.00 for 20 years would give you extra $161,904.00, assuming a 10% annual return.

THE EYE CARE GROUP P.C. EMPLOYEES 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Contribution & Match Policy

1. Employee Contribution Rates: Up to 100% of their compensation.

2. Employer Match/Contribution Conditions: The employer makes a non-elective contribution equal to 3% of each participant’s eligible compensation. The discretionary matching contribution is equal to 25% of each participant’s elective contribution, up to the first 4% of compensation contributed.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe-harbor contributions. For discretionary matching and profit-sharing contributions, participants must complete two years of service to become 20% vested, increasing by 20% each year up to 100% after six years of service. An employee completes a year of service by working at least 1,000 hours during a plan year.

4. Roth 401(k) contribution: Yes, the plan allows for after-tax Roth Contributions.

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