RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Contribution & Employer Match

RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Contribution & Employer Match

RIVERSIDE MANAGEMENT SERVICES, INC. provides the following retirement savings benefits to its employees:

RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN is $32,653.00

RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN is $3,429.00. 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.
219,518.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,429.00 in RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT 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 RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT 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’.

RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN allocates $581,178.00 to match its employees' contributions, providing an employer match rate of 1.43% of their contributions

RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN is approximately $48.00
Investing in this additonal $48.00 for 20 years would give you extra $3,100.00, assuming a 10% annual return.

RIVERSIDE HEALTH SYSTEM 403(B) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100 percent of their annual compensation, subject to Internal Revenue Code limitations.

2. Employer Match/Contribution Conditions: The Company matches 100 percent of salary deferrals with a maximum annual matching contribution of $600 on behalf of each eligible participant.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Company's contribution portion is based on years of service, and a participant is 100 percent vested in the Company's contribution after three years of credited service.

4. Roth 401(k): Yes, the plan allows Roth 403(b) (after-tax) contributions.

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