BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Contribution & Employer Match
BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Contribution & Employer Match
BAXTER HEALTHCARE INC. provides the following retirement savings benefits to its employees:
BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
385,328.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,020.00 in BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS 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 BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS 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’.
BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $4,434.00 for 20 years would give you extra $283,838.00, assuming a 10% annual return.
BAXTER INTERNATIONAL INC. AND SUBSIDIARIES U.S. RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute from 1% to 50% of their pre-tax monthly compensation, with a maximum of $20,500 in 2022 and $19,500 in 2021, plus additional contributions up to a maximum of $61,000 in 2022 and $58,000 in 2021.
2. Employer Match/Contribution Conditions: The Company matches a participant’s savings contributions on a dollar-for-dollar basis up to 3% of the participant’s compensation and matches contributions between 3% and 4% at the rate of 50 cents for each dollar contributed, capping the maximum matching contribution at 3.5% of compensation for participants who contribute at least 4%.
3. Vesting Schedule/Eligibility: Participants are immediately vested in elective and matching contributions plus actual earnings. Non-matching contributions become fully vested after three years of service. Participants are fully vested upon attaining age 65, becoming disabled, or dying while employed.
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