FAMILY PHYSICIANS GROUP 401(K) PLAN Contribution & Employer Match
FAMILY PHYSICIANS GROUP 401(K) PLAN Contribution & Employer Match
HUMANA INC. provides the following retirement savings benefits to its employees:
FAMILY PHYSICIANS GROUP 401(K) 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 FAMILY PHYSICIANS GROUP 401(K) 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’.
FAMILY PHYSICIANS GROUP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Not less than 1% nor more than 100% of the Participant's eligible compensation.
2. Employer Match/Contribution Conditions: The Company could make a discretionary matching contribution on behalf of each eligible employee.
3. Vesting Schedule/Eligibility: Participant contributions are fully vested and non-forfeitable; Company Matching Account contributions became 100% vested effective January 1, 2019.
4. Roth 401(k) Contribution: Yes, participants could elect to contribute to a Roth Contribution Account.
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