DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Contribution & Employer Match
DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Contribution & Employer Match
DOOR COUNTY MEMORIAL HOSPITAL provides the following retirement savings benefits to its employees:
DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Average Participant Retirement Account Value
DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Estimated Average Employee Contribution Amount
270,084.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,220.00 in DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY 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 DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY 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’.
DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Total Employer Contribution and Match Rate
DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Estimated Average Employer Match
Investing in this additonal $2,694.00 for 20 years would give you extra $172,468.00, assuming a 10% annual return.
DOOR COUNTY MEMORIAL HOSPITAL TAX DEFERRED ANNUITY PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 50% of the first 4% of participant deferrals and contributes a discretionary contribution equal to 4% of the participants' compensation.
3. Vesting Schedule/Eligibility: Employees are fully and immediately vested in all contributions, and they are eligible for the Medical Center's matching and discretionary contributions after completing one year of service, defined as a 12-consecutive-month period in which an employee completes at least 1,000 hours of service.
4. Roth 401(k) Contribution: The plan began offering a Roth contribution option for participants in 2019.
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