HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Contribution & Employer Match

HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Contribution & Employer Match

HAWAII DENTAL SERVICE provides the following retirement savings benefits to its employees:

HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN is $141,276.00

HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN is $6,951.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
444,871.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,951.00 in HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT 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’.

HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2023, HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN allocates $265,488.00 to match its employees' contributions, providing an employer match rate of 26.43% of their contributions

HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN is approximately $1,793.00
Investing in this additonal $1,793.00 for 20 years would give you extra $114,805.00, assuming a 10% annual return.

HAWAII DENTAL SERVICE 401(K) SALARY INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the amounts prescribed under Internal Revenue Code Section 402(g)(5), which is $20,500 for 2022. Employees hired after October 1, 2021, are automatically enrolled with a deferral percentage of 3% that will automatically increase by 1% until it reaches 6%.

2. Employer Match/Contribution Conditions: The Company will contribute 50% of a participant’s contribution, up to a maximum of 3% of the participant’s annual eligible compensation after one year of service.

3. Vesting Schedule/Eligibility: A participant who was hired prior to October 1, 2009, vests in the Company’s matching contributions at a rate of 20% for each year of service, starting with the completion of two years of credited service, becoming 100% vested after six years of credited service, or attaining the age of 55, or upon disability or death. A participant hired after October 1, 2009, vests in the Company’s matching contributions under the same rate but must attain 55 years of age with five years of vested service or attain 65 years of age, or upon disability or death.

4. Roth 401(k) Contribution: The text does not mention whether it allows Roth 401(k) contributions.

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