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CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

CARESTREAM HEALTH, INC. provides the following retirement savings benefits to its employees:

CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN is $181,985.00

CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN is $5,807.00. 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.
371,676.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,807.00 in CARESTREAM HEALTH, INC. RETIREMENT SAVINGS 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 CARESTREAM HEALTH, INC. 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’.

CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN allocates $4,907,181.00 to match its employees' contributions, providing an employer match rate of 35.17% of their contributions

CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN is approximately $2,089.00
Investing in this additonal $2,089.00 for 20 years would give you extra $133,756.00, assuming a 10% annual return.

CARESTREAM HEALTH, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may authorize a pre-tax elective deferral contribution up to 75% of earnings or the maximum annual limitations as provided by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The Company matches 100% of elective deferrals on the first 3% of base compensation, then 50% of elective deferrals for the next 2% of base compensation. The Company may also make an annual discretionary contribution of up to 2% of base compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferral contributions and Company matching contributions. Vesting in the Company’s discretionary contribution is based on years of continuous service, with 100% vesting after three years of credited service.

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