IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Contribution & Employer Match

IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Contribution & Employer Match

IMPERIAL HEALTH provides the following retirement savings benefits to its employees:

IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST is $102,952.00

IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST is $3,650.00. 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.
233,656.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,650.00 in IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST, 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 IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST

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’.

IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Total Employer Contribution and Match Rate

In 2023, IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST allocates $1,522,934.00 to match its employees' contributions, providing an employer match rate of 107.51% of their contributions

IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST is approximately $4,039.00
Investing in this additonal $4,039.00 for 20 years would give you extra $258,535.00, assuming a 10% annual return.

IMPERIAL HEALTH 401(K) PROFIT SHARING PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: A participant may make contributions to the Plan of up to 100% of compensation with certain limitations adjusted annually for inflation.

2. Employer Match/Contribution Conditions: The Employer will make a safe harbor contribution equal to 3% of employee compensation. The Employer will also make a non-elective profit-sharing contribution at the discretion of the Employer, which requires participants to earn 1,000 hours of service and be employed on the last day of the year.

3. Vesting Schedule/Eligibility: Participants are 100% vested at all times in their voluntary 401(k) contributions and the Company’s safe harbor non-elective contribution. Participants are 100% vested in the employer’s non-elective profit-sharing contribution after three years of credited service.

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