BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Contribution & Employer Match
BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Contribution & Employer Match
BRONSON HEALTHCARE GROUP, INC. provides the following retirement savings benefits to its employees:
BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Average Participant Retirement Account Value
BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Estimated Average Employee Contribution Amount
261,522.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,086.00 in BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING 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 BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING 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’.
BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Total Employer Contribution and Match Rate
BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Estimated Average Employer Match
Investing in this additonal $1,245.00 for 20 years would give you extra $79,710.00, assuming a 10% annual return.
BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75 percent of their annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 50 percent of the employee's contribution, not to exceed 3 percent of the employee's qualified earnings. Participants must work at least 38 hours in a pay period to be eligible for a matching contribution unless they have retired, died, or become permanently disabled.
3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions. Vesting in the Company's contributions is based on years of service: 60 percent after one year, 80 percent after two years, and fully vested after three years of service. Participants must have at least 1,000 hours of service during the plan year to be eligible for discretionary contributions.
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