COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Contribution & Employer Match
COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Contribution & Employer Match
COMMUNITY MEMORIAL HEALTH SYSTEM provides the following retirement savings benefits to its employees:
COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Average Participant Retirement Account Value
COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Estimated Average Employee Contribution Amount
417,268.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,519.00 in COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) 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 COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) 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’.
COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Total Employer Contribution and Match Rate
COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Estimated Average Employer Match
Investing in this additonal $1,643.00 for 20 years would give you extra $105,194.00, assuming a 10% annual return.
COMMUNITY MEMORIAL HEALTH SYSTEM 403(B) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may defer on a pre-tax basis or make Roth contributions up to the maximum deferral limit per Section 402(g)(1) of the Internal Revenue Code (IRC). The Organization can withhold 6% from an eligible employee’s compensation as an employee contribution after two months of employment, increasing by 1% each year until reaching 10%.
2. Employer Match/Contribution Conditions: The Organization made matching contributions totaling $5,712,097 for the year ended December 31, 2022, and discretionary non-elective contributions equal to 1% of eligible compensation totaling $2,042,143.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their deferral contributions and rollover contributions. Vesting in the Organization’s non-elective and matching contribution portion is based on years of continuous service, with 100% vesting after three years of service.
4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.
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