WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Contribution & Employer Match
WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Contribution & Employer Match
WHITE-WILSON MEDICAL CENTER, PA provides the following retirement savings benefits to its employees:
WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Average Participant Retirement Account Value
WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Estimated Average Employee Contribution Amount
208,130.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,252.00 in WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR, 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 WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR
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’.
WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Total Employer Contribution and Match Rate
WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Estimated Average Employer Match
Investing in this additonal $1,660.00 for 20 years would give you extra $106,303.00, assuming a 10% annual return.
WHITE-WILSON MEDICAL CENTER PROFIT SHARING & 401(K) PLAN &TR Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute any amount of pretax annual compensation, as defined in the Plan, not to exceed the maximum allowed under Internal Revenue Service (IRS) Code 415(d).
2. Employer Match/Contribution Conditions: The Company contributes a 401(k) safe harbor contribution of 100% on salary deferrals up to 3% of compensation, then 50% on salary deferrals between 3% to 5% of compensation. The employer may make additional discretionary matching contributions exceeding 6% of compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe harbor contributions made by the Company. Vesting in the Company's discretionary profit-sharing contributions is based on years of continuous service as follows: Less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 years - 100%. Eligibility requires employees to be age 21 or older and have completed one year of service (and 1,000 total hours).
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