THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Contribution & Employer Match
THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Contribution & Employer Match
GLENS FALLS HOSPITAL provides the following retirement savings benefits to its employees:
THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Average Participant Retirement Account Value
THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Estimated Average Employee Contribution Amount
162,642.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,541.00 in THE GLENS FALLS HOSPITAL PARTNERSHIP 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 THE GLENS FALLS HOSPITAL PARTNERSHIP 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’.
THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Total Employer Contribution and Match Rate
THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Estimated Average Employer Match
Investing in this additonal $1,498.00 for 20 years would give you extra $95,910.00, assuming a 10% annual return.
THE GLENS FALLS HOSPITAL PARTNERSHIP PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75% of their eligible compensation to the plan.
2. Employer Match/Contribution Conditions: The employer contributes a matching contribution equal to 100% of the first 4% of base compensation that a participant contributes to the Plan.
3. Vesting Schedule/Eligibility: Participants hired prior to September 1, 2015 are 100% vested immediately. All other participants are 100% vested after 2 years of credited service. Participants automatically become fully vested upon death, total and permanent disability, or retirement at age 65 while employed by the Hospital.
4. Roth 401(k) contribution: Allowed.
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