BAYHEALTH MEDICAL CENTER, INC. SAVINGS PLAN Contribution & Employer Match

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BAYHEALTH MEDICAL CENTER, INC. SAVINGS PLAN Contribution & Employer Match

BAYHEALTH MEDICAL CENTER, INC provides the following retirement savings benefits to its employees:

BAYHEALTH MEDICAL CENTER, INC. SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BAYHEALTH MEDICAL CENTER, INC. SAVINGS PLAN is $3,276.00. 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.
209,675.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,276.00 in BAYHEALTH MEDICAL CENTER, INC. 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 BAYHEALTH MEDICAL CENTER, INC. 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’.

BAYHEALTH MEDICAL CENTER, INC. SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their annual compensation, or such dollar limit as established by the Internal Revenue Service.

2. Employer Match/Contribution Conditions: The Medical Center matches participant contributions at a rate of 50% of the first 4% of base compensation contributed by the participant for those who have completed at least 1,000 hours of service during the year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Medical Center’s contribution portion is based on years of credited service, with 100% vesting after three years of credited service.

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