BAPTIST MEMORIAL HEALTH CARE CORPORATION RETIREMENT PLAN Contribution & Employer Match
BAPTIST MEMORIAL HEALTH CARE CORPORATION RETIREMENT PLAN Contribution & Employer Match
BAPTIST MEMORIAL HEALTH CARE CORPORATION provides the following retirement savings benefits to its employees:
BAPTIST MEMORIAL HEALTH CARE CORPORATION RETIREMENT 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 MEMORIAL HEALTH CARE CORPORATION 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 MEMORIAL HEALTH CARE CORPORATION RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may elect to contribute a percentage of their compensation, subject to limitations defined in the plan document and the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The employer made a matching contribution equal to 50% of the participant’s contribution up to 3% of the participant’s compensation, if the participant contributes 2% or more of his or her compensation.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 20% vested after 2 years of service, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Participants are fully vested at age 65, death, or disability. Eligibility requires the employee to have attained the age of 21 and completed one year of eligible service.
4. The plan does not allow Roth 401(k) contributions.
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