RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Contribution & Employer Match
RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Contribution & Employer Match
MILLE LACS HEALTH SYSTEM provides the following retirement savings benefits to its employees:
RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Average Participant Retirement Account Value
RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Estimated Average Employee Contribution Amount
158,195.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,471.00 in RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM, 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 RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM
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’.
RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Total Employer Contribution and Match Rate
RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Estimated Average Employer Match
Investing in this additonal $1,223.00 for 20 years would give you extra $78,299.00, assuming a 10% annual return.
RETIREMENT PLAN OF MILLE LACS HEALTH SYSTEM Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary, with an automatic enrollment feature deferring 2% of compensation unless they elect otherwise.
2. Employer Match/Contribution Conditions: The employer matches 100% of salary deferrals up to 4% of the participant’s eligible compensation.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately. For employer contributions, participants are 100% vested after five years of credited service, or upon attaining age 65, death, or total and permanent disability.
4. Roth 401(k) Contribution: The plan allows Roth elective deferrals.
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