CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
CENTRAL VERMONT MEDICAL CENTER provides the following retirement savings benefits to its employees:
CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN Estimated Average Employee Contribution Amount
199,846.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,122.00 in CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN, assuming a 10%* annual return.
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 VERMONT MEDICAL CENTER EMPLOYEES 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’.
CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN Total Employer Contribution and Match Rate
CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,911.00 for 20 years would give you extra $122,358.00, assuming a 10% annual return.
CENTRAL VERMONT MEDICAL CENTER EMPLOYEES RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute 1% to 100% of their annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of elected deferrals. A "true-up" calculation ensures full matching contribution at the end of the Plan year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. They become 100% vested in the Hospital’s basic and matching contributions after three years of employment. Eligibility requires completion of one year of service and not being a student or grandfathered into the Pension Plan.
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