ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Contribution & Employer Match

ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Contribution & Employer Match

ACCESS COMMUNITY HEALTH NETWORK provides the following retirement savings benefits to its employees:

ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN is $46,520.00

ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN is $4,176.00. 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.
267,314.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,176.00 in ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS 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 ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS 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’.

ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN allocates $2,562,950.00 to match its employees' contributions, providing an employer match rate of 44.89% of their contributions

ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN is approximately $1,878.00
Investing in this additonal $1,878.00 for 20 years would give you extra $120,255.00, assuming a 10% annual return.

ACCESS COMMUNITY HEALTH NETWORK RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible participants can contribute a percentage or dollar amount of their compensation as pre-tax 403(b) or Roth contributions to the Plan.

2. Employer Match/Contribution Conditions: The employer matches contributions based on the lower of 6% of the employee’s compensation or the amount contributed to the 403B plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. For the employer's discretionary and matching contributions, a participant is 25% vested after one year of credited service, increasing by 25% for each additional credited year until fully vested after four years. Eligibility for employer contributions includes being at least 18 years old, working more than 20 hours a week, not being an on-call or temporary employee, and not being covered by a collective bargaining agreement.

4. Roth 401(k) Contribution: The plan allows Roth contributions.

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