BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Contribution & Employer Match

BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Contribution & Employer Match

BAPTIST HEALTH SOUTH FLORIDA, INC. provides the following retirement savings benefits to its employees:

BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN is $28,121.00

BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN is $1,256.00. 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.
80,422.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,256.00 in BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT 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 BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT 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’.

BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN allocates $4,380,411.00 to match its employees' contributions, providing an employer match rate of 59.01% of their contributions

BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN is approximately $777.00
Investing in this additonal $777.00 for 20 years would give you extra $49,786.00, assuming a 10% annual return.

BAPTIST HEALTH ENTERPRISES, INC. 401(K) EMPLOYEE RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute 6 percent of their eligible compensation on a pre-tax basis, and also have the option to make Roth after-tax deferrals.

2. Employer Match/Contribution Conditions: The employer matches 50% of up to 4% of eligible compensation that a participant contributes, and also provides a non-elective contribution of 3% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the employer's contributions is based on three years of service, at which time the participant becomes 100% vested. Eligibility requires completing ninety (90) days of continuous employment and working at least 1,000 hours during the payroll calendar year.

4. Roth 401(k) Contribution: Yes, the plan allows Roth after-tax deferrals.

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