AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Contribution & Employer Match
AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Contribution & Employer Match
AFFILIATED HEALTHCARE SYSTEMS provides the following retirement savings benefits to its employees:
AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Average Participant Retirement Account Value
AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Estimated Average Employee Contribution Amount
12,173.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 190.00 in AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) 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 AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) 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’.
AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Total Employer Contribution and Match Rate
AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $32.00 for 20 years would give you extra $2,093.00, assuming a 10% annual return.
AFFILIATED HEALTHCARE SYSTEMS RETIREMENT PARTNERSHIP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 84% of their pay subject to Internal Revenue Service (IRS) limits.
2. Employer Match/Contribution Conditions: The Employer makes a non-discretionary contribution ranging from 50% to 100% of the participants’ contributions, subject to a maximum of 4% of a participant’s base compensation.
3. Vesting Schedule/Eligibility: Participants are fully vested in Employer contributions after three years of vesting service, and must have been paid for at least 1,000 hours in the 12 months following their date of hire and attained age 21 to receive Employer contributions beginning on the January 1 or July 1 following their one-year anniversary.
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