KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR SCPMG Contribution & Employer Match
KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR SCPMG Contribution & Employer Match
SOUTHERN CALIFORNIA PERMANENTE MEDICAL GROUP provides the following retirement savings benefits to its employees:
KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR SCPMG Average Participant Retirement Account Value
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 KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR SCPMG
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’.
KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR SCPMG Estimated Average Employer Match
Investing in this additonal $4,208.00 for 20 years would give you extra $269,348.00, assuming a 10% annual return.
KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR SCPMG Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of 10% of eligible compensation.
2. Employer Match/Contribution Conditions: The employer contributes 5% of eligible compensation of participating employees after two years of employment. Certain employee groups receive employer contributions equal to 2.5% of their eligible compensation upon hire or rehire.
3. Vesting Schedule/Eligibility: Each participant is fully and immediately vested in his or her employee and employer contribution accounts.
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