NORTH BEND MEDICAL CENTER 401(K) PLAN Contribution & Employer Match

NORTH BEND MEDICAL CENTER 401(K) PLAN Contribution & Employer Match

NORTH BEND MEDICAL CENTER, INC. provides the following retirement savings benefits to its employees:

NORTH BEND MEDICAL CENTER 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NORTH BEND MEDICAL CENTER 401(K) PLAN is $161,130.00

NORTH BEND MEDICAL CENTER 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NORTH BEND MEDICAL CENTER 401(K) PLAN is $4,357.00. 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.
278,892.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,357.00 in NORTH BEND MEDICAL CENTER 401(K) 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 NORTH BEND MEDICAL CENTER 401(K) 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’.

NORTH BEND MEDICAL CENTER 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, NORTH BEND MEDICAL CENTER 401(K) PLAN allocates $3,144,696.00 to match its employees' contributions, providing an employer match rate of 156.03% of their contributions

NORTH BEND MEDICAL CENTER 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NORTH BEND MEDICAL CENTER 401(K) PLAN is approximately $6,497.00
Investing in this additonal $6,497.00 for 20 years would give you extra $415,827.00, assuming a 10% annual return.

NORTH BEND MEDICAL CENTER 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute either pre-tax compensation or after-tax Roth deferrals.

2. Employer Match/Contribution Conditions: The Company makes a safe harbor matching contribution of 100 percent of the first 3 percent of the participant's compensation contributed as deferrals and 50 percent of the next 2 percent of the participant's compensation contributed as deferrals for the year.

3. Vesting Schedule/Eligibility: For employees hired on or after January 1, 2018, discretionary profit-sharing contributions are subject to a three-year cliff vesting schedule; those hired prior to January 1, 2018, are fully vested at all times. Participant contributions and safe harbor matching contributions are fully vested at all times for all participants.

4. Yes, it allows Roth 401(k) contribution.

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