GENESIS HEALTH SYSTEM RETIREMENT SAVINGS PLAN Contribution & Employer Match
GENESIS HEALTH SYSTEM RETIREMENT SAVINGS PLAN Contribution & Employer Match
GENESIS HEALTH SYSTEM provides the following retirement savings benefits to its employees:
GENESIS HEALTH SYSTEM RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
GENESIS HEALTH SYSTEM RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
189,437.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,959.00 in GENESIS HEALTH SYSTEM RETIREMENT SAVINGS 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 GENESIS HEALTH SYSTEM RETIREMENT SAVINGS 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’.
GENESIS HEALTH SYSTEM RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to the maximum percentage of compensation or dollar amount permissible under Section 402(g) of Internal Revenue Code, not to exceed certain limits of other Code Sections. All employees are automatically enrolled in the Plan with a deferral contribution rate equal to 4% of eligible compensation unless they make another election or specifically opt out.
2. Employer Match/Contribution Conditions: There are currently no employer contributions made to the Plan, but eligible participants receive employer match contributions under the terms of the Genesis Employer Contribution Plan.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting of employer matching contributions is 20% after two years of service and then 20% per year thereafter; participants are 100% vested after six years of service.
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