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

In 2023, the average participant retirement account value for BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN is $90,640.00

BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN is $4,086.00. 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.
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 contributionsEmployee and employer contributions combinedCatch-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

In 2023, BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN allocates $13,944,384.00 to match its employees' contributions, providing an employer match rate of 30.65% of their contributions

BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BRONSON HEALTHCARE GROUP, INC. 403(B) TAX SHELTERED MATCHING PLAN is approximately $1,245.00
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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