KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS Contribution & Employer Match

KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS Contribution & Employer Match

KAISER FOUNDATION HEALTH PLAN, INC. provides the following retirement savings benefits to its employees:

KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS Average Participant Retirement Account Value

In 2023, the average participant retirement account value for KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS is $56,805.00

KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS is $1,717.00. 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.
109,948.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,717.00 in KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS, 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 KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS

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 UNION GROUPS Total Employer Contribution and Match Rate

In 2023, KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS allocates $56,692,874.00 to match its employees' contributions, providing an employer match rate of 300.63% of their contributions

KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS is approximately $4,730.00
Investing in this additonal $4,730.00 for 20 years would give you extra $302,765.00, assuming a 10% annual return.

KAISER PERMANENTE SUPPLEMENTAL SAVINGS AND RETIREMENT PLAN FOR UNION GROUPS Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 10% of their salary.

2. Employer Match/Contribution Conditions: The Employer contributes 5% of eligible compensation of participating employees. Certain Profession Participants and members of the National Union of Healthcare workers in Southern California receive employer contributions equal to 6% of their eligible compensation. Certain physical, occupational, or recreational therapists in Southern California receive employer contributions equal to 2.5%.

3. Vesting Schedule/Eligibility: Each participant is fully and immediately vested in their employee and employer contribution accounts.

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