REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Contribution & Employer Match
REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Contribution & Employer Match
REDLANDS COMMUNITY HOSPITAL provides the following retirement savings benefits to its employees:
REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Average Participant Retirement Account Value
REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Estimated Average Employee Contribution Amount
285,121.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,455.00 in REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM, 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 REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM
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’.
REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Total Employer Contribution and Match Rate
REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Estimated Average Employer Match
Investing in this additonal $1,341.00 for 20 years would give you extra $85,857.00, assuming a 10% annual return.
REDLANDS COMMUNITY HOSPITAL PLUS PROGRAM Contribution & Match Policy
1. Employee Contribution Rates: Participants may enter into a salary deferral agreement with the Employer, deferring up to the maximum allowable amount as determined yearly by the Internal Revenue Service (IRS).
2. Employer Match/Contribution Conditions: The Employer provides a matching contribution of $0.25 on the dollar up to 5 percent of compensation for participants with over one year and up to three years of service; $0.50 on the dollar up to 5 percent of compensation for participants with over three years and up to six years of service; and $0.75 on the dollar up to 5 percent of compensation for participants with more than six years of service. The Employer may make a discretionary matching contribution at its discretion.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus earnings thereon. Effective November 1, 2012, active participants became 100 percent vested in all prior and future Employer matching contributions and Employer discretionary matching contributions. Employees are eligible for the Employer matching contribution and Employer discretionary matching contribution if they have completed one year of service, are not covered by a collective bargaining agreement, and are not a nonresident alien.
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