HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Contribution & Employer Match
HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Contribution & Employer Match
HEYWOOD HOSPITAL provides the following retirement savings benefits to its employees:
HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
179,441.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,803.00 in HEYWOOD HOSPITAL EMPLOYEE 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 HEYWOOD HOSPITAL EMPLOYEE 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’.
HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,005.00 for 20 years would give you extra $64,378.00, assuming a 10% annual return.
HEYWOOD HOSPITAL EMPLOYEE RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of pre-tax eligible compensation.
2. Employer Match/Contribution Conditions: The Sponsor makes a matching contribution of 50% of the first 4% of each eligible participant’s employee contributions.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and the Employer’s contributions plus actual earnings thereon. Eligibility requires employees to be at least 18 years of age and have completed one year and 1,000 hours of service, except for certain employees with the Services Employees International Union.
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