HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN Contribution & Employer Match

HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN Contribution & Employer Match

HAWAII PERMANENTE MEDICAL GROUP, INC provides the following retirement savings benefits to its employees:

HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN is $12,740.00. 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.
815,416.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,740.00 in HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING 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 PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING 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 PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2021, HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN allocates $13,615,582.00 to match its employees' contributions, providing an employer match rate of 99.32% of their contributions

HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN is approximately $12,653.00
Investing in this additonal $12,653.00 for 20 years would give you extra $809,848.00, assuming a 10% annual return.

HAWAII PERMANENTE MEDICAL GROUP, INC. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 75% of their pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches contributions at 50% (up to 1.5% of eligible compensation) for non-exempt hourly employees and may make profit sharing contributions at the discretion of the employer, which for the year ended December 31, 2021, were 10.5% and 5.0% of eligible compensation for salaried and exempt employees, respectively.

3. Vesting Schedule/Eligibility: Participants are fully vested in their elective deferral, employer matching, and profit sharing contributions. All employees can participate in discretionary profit sharing or matching contributions after completing two years of service.

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