MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

MEDSTAR HEALTH, INC. provides the following retirement savings benefits to its employees:

MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN is $93,701.00

MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN is $5,330.00. 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.
341,138.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,330.00 in MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN, 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 MEDSTAR HEALTH, INC. 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’.

MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN allocates $56,618,141.00 to match its employees' contributions, providing an employer match rate of 29.72% of their contributions

MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN is approximately $1,789.00
Investing in this additonal $1,789.00 for 20 years would give you extra $114,517.00, assuming a 10% annual return.

MEDSTAR HEALTH, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 75% of their pretax annual eligible compensation, subject to amounts permitted under the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The employer discretionary match is equal to 50% of the employee's salary reduction contributions, up to a maximum of 6% of eligible compensation. The employee must have completed 1,000 hours of service during the plan year and must be employed on the last day of the plan year to be eligible for the employer discretionary match.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and actual earnings. They become 100% vested in all employer contributions and earnings thereon after three years of service or upon death, disability, or retirement at or after normal retirement age (age 65).

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