SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Contribution & Employer Match

SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Contribution & Employer Match

SOUTHWEST CARE CENTER provides the following retirement savings benefits to its employees:

SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN is $29,616.00

SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN is $3,422.00. 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.
219,014.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,422.00 in SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING 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 SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING 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’.

SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Total Employer Contribution and Match Rate

In 2022, SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN allocates $321,110.00 to match its employees' contributions, providing an employer match rate of 46.92% of their contributions

SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN is approximately $1,663.00
Investing in this additonal $1,663.00 for 20 years would give you extra $106,482.00, assuming a 10% annual return.

SOUTHWEST CARE CENTER 401(K) PROFIT SHARING PLAN SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, limited by Plan provisions, as pre-tax 401(k) or Roth contributions.

2. Employer Match/Contribution Conditions: The Company matches 100% of a participant’s contribution up to 3% of compensation and 50% of a participant’s contribution for the next 2% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and in the Company safe harbor matching contributions plus actual earnings. Eligibility requires employees to complete six months of service and be at least 21 years of age.

4. Roth 401(k) contribution: Allowed.

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