SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Contribution & Employer Match

SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Contribution & Employer Match

SHRINERS HOSPITALS FOR CHILDREN provides the following retirement savings benefits to its employees:

SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN is $75,200.00

SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN is $3,479.00. 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.
222,709.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,479.00 in SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS 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 SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS 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’.

SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2022, SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN allocates $12,242,617.00 to match its employees' contributions, providing an employer match rate of 44.16% of their contributions

SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN is approximately $1,521.00
Investing in this additonal $1,521.00 for 20 years would give you extra $97,356.00, assuming a 10% annual return.

SHRINERS HOSPITALS FOR CHILDREN RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants can contribute a percentage of eligible compensation, not to exceed $20,500, and if applicable, $6,500 of catch-up elective deferrals for participants over age 50.

2. Employer Match/Contribution Conditions: The employer may match 50% of the participant’s voluntary contribution, not to exceed the first 6% of the participant’s compensation. Employees not enrolled in the Shriners Hospitals for Children Employees’ Retirement Plan can receive a match of 100% of their voluntary contribution, also not exceeding the first 6% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and their allocation of the Company’s matching contribution, plus actual earnings thereon. All employees who have completed one year of employment are eligible to receive the employer matching contribution.

4. Roth 401(k) contribution: The Plan adds a Roth IRA post-tax contribution option.

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