VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Contribution & Employer Match

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Contribution & Employer Match

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. provides the following retirement savings benefits to its employees:

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN is $235,966.00

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN is $5,438.00. 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.
348,092.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,438.00 in VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT 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 VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT 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’.

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN allocates $1,057,105.00 to match its employees' contributions, providing an employer match rate of 96.94% of their contributions

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN is approximately $5,082.00
Investing in this additonal $5,082.00 for 20 years would give you extra $325,263.00, assuming a 10% annual return.

VIRGINIA EMERGENCY MEDICINE ASSOCIATES, LTD. RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage or amount of pre-tax annual compensation, as defined in the Plan.

2. Employer Match/Contribution Conditions: The employer may make profit-sharing contributions for participants who have completed at least 1,000 hours of service during the year and were employed at year-end. Additionally, the employer will make safe harbor contributions in an amount not less than 3 percent of participants’ compensation with no eligibility conditions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the employer's safe harbor contributions. Employees are 100 percent vested in the employer’s profit-sharing contribution after 1 year of service. An employee is also 100 percent vested if termination is due to normal retirement, disability, or death.

4. Yes, it allows Roth 401(k) contributions.

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