CHILDRENS HEALTHCARE OF ATLANTA GROWTH PLAN Contribution & Employer Match
CHILDRENS HEALTHCARE OF ATLANTA GROWTH PLAN Contribution & Employer Match
CHILDRENS HEALTHCARE OF ATLANTA INC provides the following retirement savings benefits to its employees:
CHILDRENS HEALTHCARE OF ATLANTA GROWTH PLAN 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 CHILDRENS HEALTHCARE OF ATLANTA GROWTH 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’.
CHILDRENS HEALTHCARE OF ATLANTA GROWTH PLAN Estimated Average Employer Match
Investing in this additonal $1,592.00 for 20 years would give you extra $101,947.00, assuming a 10% annual return.
CHILDRENS HEALTHCARE OF ATLANTA GROWTH PLAN Contribution & Match Policy
1. Employee Contribution Rates: No employee contributions to the Plan are permitted, but employees may deposit rollover contributions from another qualified plan.
2. Employer Match/Contribution Conditions: The Plan Sponsor makes discretionary contributions to the Plan based on the relative compensation of participants who have been credited with at least 1,000 hours of service.
3. Vesting Schedule/Eligibility: Vesting in employer contributions is based on years of service: 0% for less than two years, 30% for 2 years, 60% for 3 years, 80% for 4 years, and 100% for 5 years. Participants also become fully vested upon reaching normal (65) or early retirement age (55), death, disability, or if involuntarily terminated due to a reduction in workforce.
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