PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Contribution & Employer Match

PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Contribution & Employer Match

PROVIDENCE HEALTH & SERVICES provides the following retirement savings benefits to its employees:

PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN is $71,471.00

PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN is $97.00. 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.
6,221.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 97.00 in PROVIDENCE HEALTH & SERVICES 403(B) VALUE 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 PROVIDENCE HEALTH & SERVICES 403(B) VALUE 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’.

PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Total Employer Contribution and Match Rate

In 2023, PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN allocates $1,765,917.00 to match its employees' contributions, providing an employer match rate of 22.33% of their contributions

PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN is approximately $20.00
Investing in this additonal $20.00 for 20 years would give you extra $1,298.00, assuming a 10% annual return.

PROVIDENCE HEALTH & SERVICES 403(B) VALUE PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 75% of their eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 50% of each participant's contributions, up to a maximum range of 3% to 6% of eligible compensation based on the participant's years of match level service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and matching contributions. Certain employer contributions are subject to a five-year graded vesting schedule for accounts transferred from specific plans, with eligibility based on having at least 800 hours of service in a calendar year.

4. Yes, the plan allows Roth 401(k) contributions.

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