BAPTIST HEALTH SYSTEM RETIREMENT PLAN Contribution & Employer Match

BAPTIST HEALTH SYSTEM RETIREMENT PLAN Contribution & Employer Match

BAPTIST HEALTH SYSTEM provides the following retirement savings benefits to its employees:

BAPTIST HEALTH SYSTEM RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BAPTIST HEALTH SYSTEM RETIREMENT PLAN is $28,575.00

BAPTIST HEALTH SYSTEM RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BAPTIST HEALTH SYSTEM RETIREMENT PLAN is $819.00. 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.
52,471.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 819.00 in BAPTIST HEALTH SYSTEM 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 SYSTEM 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 SYSTEM RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, BAPTIST HEALTH SYSTEM RETIREMENT PLAN allocates $75,181.00 to match its employees' contributions, providing an employer match rate of 43.98% of their contributions

BAPTIST HEALTH SYSTEM RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BAPTIST HEALTH SYSTEM RETIREMENT PLAN is approximately $344.00
Investing in this additonal $344.00 for 20 years would give you extra $22,071.00, assuming a 10% annual return.

BAPTIST HEALTH SYSTEM RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 2% of their salary for a 150% employer match, plus 50% of contributions that exceed 2% up to 4% of their compensation.

2. Employer Match/Contribution Conditions: The employer matches 150% of salary deferrals up to 2% of compensation and 50% of salary deferrals between 2% and 4% of compensation, with conditions that participants must be at least 21 years old and have completed a year of service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. They become 100% vested in the employer’s safe harbor matching contributions after one year of service (780 hours during a consecutive twelve-month period). Eligibility requires at least 60 days of service and the employee must be at least twenty-one years old.

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