SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SILVER CROSS HOSPITAL & MEDICAL CENTERS provides the following retirement savings benefits to its employees:

SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN is $64,071.00

SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN is $4,073.00. 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.
260,681.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,073.00 in SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) 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 SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) 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’.

SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN allocates $8,044,653.00 to match its employees' contributions, providing an employer match rate of 53.46% of their contributions

SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN is approximately $1,989.00
Investing in this additonal $1,989.00 for 20 years would give you extra $127,313.00, assuming a 10% annual return.

SILVER CROSS HOSPITAL & MEDICAL CENTERS EMPLOYEES' 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their eligible compensation subject to the limitations of the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Company makes matching contributions of 100% of employees’ salary deferral amounts on the first 6% of employees’ compensation contributions.

3. Vesting Schedule/Eligibility: Participants are immediately fully vested in participant, rollover, and employer nondiscretionary matching contributions. Non-elective employer contributions are subject to a six-year graded vesting schedule, with participants vesting 20% each year after two years of service.

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