ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Contribution & Employer Match
ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Contribution & Employer Match
ROCHESTER REGIONAL HEALTH provides the following retirement savings benefits to its employees:
ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value
ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Estimated Average Employee Contribution Amount
198,771.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,105.00 in ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN, 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 ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION 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’.
ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Total Employer Contribution and Match Rate
ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $486.00 for 20 years would give you extra $31,132.00, assuming a 10% annual return.
ROCHESTER REGIONAL HEALTH 401(K) DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 80% of their compensation.
2. Employer Match/Contribution Conditions: UHS matches 25% of the participant’s contribution up to 4% of eligible compensation. CSHC and Rochester Regional Home Care match 50% of the participant’s contributions up to a maximum of 4% of eligible compensation or $1,000 annually.
3. Vesting Schedule/Eligibility: UHS participants vest in matching contributions after three years of eligible service. CSHC and Rochester Regional Home Care participants vest based on years of service: 0% for less than 2 years, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Immediate vesting applies for employees hired after October 1, 2019, and for participants who are age 65 or older (or age 62 for CSHC participants).
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