BAPTIST HEALTH THRIFT PLAN Contribution & Employer Match
BAPTIST HEALTH THRIFT PLAN Contribution & Employer Match
BAPTIST HEALTHCARE SYSTEM, INC. provides the following retirement savings benefits to its employees:
BAPTIST HEALTH THRIFT PLAN Average Participant Retirement Account Value
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 BAPTIST HEALTH THRIFT 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 THRIFT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants could elect to contribute a percentage of their compensation to the Plan each year until January 1, 2022; previously, the deferral rate was set at 3% of eligible compensation for automatically enrolled participants.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions as determined by the Company’s board of directors, but for the year ended December 31, 2022, no matching contributions were made due to a plan amendment.
3. Vesting Schedule/Eligibility: Participants are immediately fully vested in their voluntary contributions. Vesting in the Company’s contribution portion of their accounts is based on years of continuous service, with full vesting in Company-matching contributions after five years of continuous service or upon reaching age 65, whichever occurs first. Eligibility for employer contributions requires completing 1,000 hours of service within a plan year.
4. Roth 401(k) contribution: Not applicable.
Recent Articles
- Why Managing Volatility Matters
- Stock Compensation 101: How People Build Wealth (or Blow It)
- Retirement Plan Contribution Limits in 2024
- How to Take Advantage of Your ESPP (Employer Stock Purchase Plan)
- June 2025 MyPlanIQ Portfolio Update
- How to Benefit from Your ESPP (Employer Stock Purchase Plan)
- Simple 401(k) Investment Guide
- Why Actively Managed Bond Funds Outperform Index Funds More Often Than Stocks
- Income Growth, Historical 401(k) Contribution Limit Data
Free newsletters
High quality resources for 401k, 403b, 529 retirement plans on investment, contribution, fees, retirement planning and much more ...
Puzzled on what to invest?
- We ask a few questions to decide your personal return and risk expectations
- We build a custom portfolio for your plan (401(k), 403(b), 529 ...) or for a brokerage account
- We monitor and send timely rebalance emails on what investment funds to buy and sell
Looking for ideas to generate income?
- ETF or mutual fund income portfolios for 4-7% annual income
- Dividend stock funds
- Passive real estate investments
- more ...
Portfolio Calculator (Simulator)
Customize Asset Allocation Portfolios
Retirement Calculator
Investment Calculator
Looking for a (forgotten) 401(k)?
Find plan contact info, plan expenses, investment options, rollover your old plan, or learn how to select investments on your 401k plan ...