MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Contribution & Employer Match
MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Contribution & Employer Match
MOUNT NITTANY MEDICAL CENTER provides the following retirement savings benefits to its employees:
MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Average Participant Retirement Account Value
MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Estimated Average Employee Contribution Amount
231,568.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,618.00 in MOUNT NITTANY MEDICAL CENTER 403(B) 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 MOUNT NITTANY MEDICAL CENTER 403(B) 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’.
MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Total Employer Contribution and Match Rate
MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Estimated Average Employer Match
Investing in this additonal $1,236.00 for 20 years would give you extra $79,146.00, assuming a 10% annual return.
MOUNT NITTANY MEDICAL CENTER 403(B) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 100% of pretax annual compensation, up to the maximum limits of the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The employer matches 50% on the first 7% of employee contributions made quarterly and provides a non-elective contribution of 5% of eligible compensation annually. Employees of MNPG hired on or after January 1, 2022, are excluded from the quarterly employer matching contribution.
3. Vesting Schedule/Eligibility: Employees are immediately vested in their contributions plus actual earnings. Employer matching and non-elective contributions vest 100% after three years of service. A participant who attains age 65, dies, or terminates employment due to disability is also 100% vested regardless of years of service.
4. Roth 401(k) Contribution: Participants may designate all or a portion of their deferral contributions as after-tax contributions into a Roth account.
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