FIRSTHEALTH OF THE CAROLINAS, INC. RETIREMENT GROWTH PLAN Contribution & Employer Match
FIRSTHEALTH OF THE CAROLINAS, INC. RETIREMENT GROWTH PLAN Contribution & Employer Match
FIRSTHEALTH OF THE CAROLINAS, INC. provides the following retirement savings benefits to its employees:
FIRSTHEALTH OF THE CAROLINAS, INC. RETIREMENT 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 FIRSTHEALTH OF THE CAROLINAS, INC. RETIREMENT 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’.
FIRSTHEALTH OF THE CAROLINAS, INC. RETIREMENT GROWTH PLAN Estimated Average Employer Match
Investing in this additonal $792.00 for 20 years would give you extra $50,711.00, assuming a 10% annual return.
FIRSTHEALTH OF THE CAROLINAS, INC. RETIREMENT GROWTH PLAN Contribution & Match Policy
1. Employee Contribution Rates: Not applicable (the plan is non-contributory).
2. Employer Match/Contribution Conditions: The company made a discretionary contribution equal to 2% of each eligible participant’s eligible compensation.
3. Vesting Schedule/Eligibility: Company discretionary contributions are fully vested after five years of service. Participants are fully vested upon reaching normal retirement age, death, or permanent disability.
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