ST. LUKE'S HEALTH SYSTEM PERFORMANCE INCENTIVE AND 401(A) MATCHING PLAN Contribution & Employer Match
ST. LUKE'S HEALTH SYSTEM PERFORMANCE INCENTIVE AND 401(A) MATCHING PLAN Contribution & Employer Match
ST. LUKE'S HEALTH SYSTEM, LTD. provides the following retirement savings benefits to its employees:
ST. LUKE'S HEALTH SYSTEM PERFORMANCE INCENTIVE AND 401(A) MATCHING PLAN Average Participant Retirement Account Value
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 ST. LUKE'S HEALTH SYSTEM PERFORMANCE INCENTIVE AND 401(A) MATCHING 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’.
ST. LUKE'S HEALTH SYSTEM PERFORMANCE INCENTIVE AND 401(A) MATCHING PLAN Estimated Average Employer Match
Investing in this additonal $2,484.00 for 20 years would give you extra $159,030.00, assuming a 10% annual return.
ST. LUKE'S HEALTH SYSTEM PERFORMANCE INCENTIVE AND 401(A) MATCHING PLAN Contribution & Match Policy
1. Employee Contribution Rates: The percentage of their salary employees can contribute varies based on years of service, with rates ranging from 0.50% to 2.00%.
2. Employer Match/Contribution Conditions: The employer matches contributions equal to the lesser of 3% of the participant’s total salary or 50% of the employee’s individual contribution to the Matched Plan.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their Match Contribution and Rollover Contributions plus actual earnings. To receive Performance Incentive contributions, employees must complete 1,000 hours and remain employed on the last day of the year.
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