HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 401(K) PLAN Contribution & Employer Match
HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 401(K) PLAN Contribution & Employer Match
HIGH DESERT MEDICAL CORPORATION provides the following retirement savings benefits to its employees:
HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 401(K) PLAN Average Participant Retirement Account Value
HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 401(K) PLAN Estimated Average Employee Contribution Amount
257,048.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,016.00 in HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 401(K) 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 HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 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’.
HERITAGE MEDICAL GROUP RETIREMENT SAVINGS 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 100 percent of pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer contributes twenty-five cents for each dollar a participant defers, up to a maximum of one percent of compensation. A participant who defers four percent or more shall receive the greater of one percent of compensation or three hundred sixty dollars.
3. Vesting Schedule/Eligibility: Participants are 100 percent vested after six years of credited service, with a gradual vesting scale starting at 20 percent after two years of service. Eligibility requires at least two months of service.
4. Roth 401(k) contribution: Not stated.
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