PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Contribution & Employer Match

PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Contribution & Employer Match

PRIME HEALTHCARE SERVICES, INC. provides the following retirement savings benefits to its employees:

PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN is $34,923.00

PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN is $3,056.00. 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.
195,598.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,056.00 in PRIME HEALTHCARE SERVICES, INC. 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 PRIME HEALTHCARE SERVICES, INC. 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’.

PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN allocates $20,416,171.00 to match its employees' contributions, providing an employer match rate of 14.39% of their contributions

PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN is approximately $451.00
Investing in this additonal $451.00 for 20 years would give you extra $28,875.00, assuming a 10% annual return.

PRIME HEALTHCARE SERVICES, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute between 1% and 100% of pretax annual compensation to the plan.

2. Employer Match/Contribution Conditions: The employer matches employee contributions, up to the lesser of $4,800 or 4% of the eligible compensation deferred to the Plan and $0.25 to $1.00 on each dollar contributed based on years of service.

3. Vesting Schedule/Eligibility: Vesting in employer contributions is based on years of service with increases in increments of 20% per year until fully vested after five years. Employees are eligible to participate in the Plan after reaching age 21 and completing 30 days of employment, with at least 1,000 hours of service during the plan year.

4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions utilizing after-tax contributions.

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