CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match

CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match

CAREMOUNT HEALTH SOLUTIONS, LLC provides the following retirement savings benefits to its employees:

CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN is $124,973.00

CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN is $2,724.00. 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.
174,378.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,724.00 in CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING 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 CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING 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’.

CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN allocates $7,535,100.00 to match its employees' contributions, providing an employer match rate of 72.20% of their contributions

CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN is approximately $1,672.00
Investing in this additonal $1,672.00 for 20 years would give you extra $107,070.00, assuming a 10% annual return.

CAREMOUNT HEALTH SOLUTIONS INCENTIVE SAVINGS AND PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 80% of their eligible pay to the plan.

2. Employer Match/Contribution Conditions: The employer makes a safe harbor matching contribution equal to 100% of applicable contributions up to 3% of eligible compensation. The employer may also make discretionary profit-sharing contributions.

3. Vesting Schedule/Eligibility: Employees are immediately vested in their salary deferral contributions, rollover contributions, and safe harbor matching contributions. Employer discretionary profit-sharing contributions vest as follows: 0% for less than 2 years, 25% for 2 years, 50% for 3 years, 75% for 4 years, and 100% for 5 years. Eligibility requires employees to complete one year of service, defined as 1,000 hours during the plan year.

4. Roth 401(k) Contribution: The plan allows Roth deferrals.

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