CHILDREN'S UNIVERSITY MEDICAL GROUP PENSION PLAN Contribution & Employer Match
CHILDREN'S UNIVERSITY MEDICAL GROUP PENSION PLAN Contribution & Employer Match
CHILDREN'S UNIVERSITY MEDICAL GROUP provides the following retirement savings benefits to its employees:
CHILDREN'S UNIVERSITY MEDICAL GROUP PENSION PLAN Average Participant Retirement Account Value
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 CHILDREN'S UNIVERSITY MEDICAL GROUP PENSION 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’.
CHILDREN'S UNIVERSITY MEDICAL GROUP PENSION PLAN Estimated Average Employer Match
Investing in this additonal $9,745.00 for 20 years would give you extra $623,684.00, assuming a 10% annual return.
CHILDREN'S UNIVERSITY MEDICAL GROUP PENSION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants are not allowed to make voluntary contributions to the Plan, other than rollover contributions from other qualified plans.
2. Employer Match/Contribution Conditions: The Sponsor contributes an amount equal to 9% of eligible compensation for each participant under age 50 and 10% for each participant age 50 or older, subject to certain limitations under the Internal Revenue Code (IRC).
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 0% after one year of service, 25% after two years, 50% after three years, 75% after four years, and 100% after five years or more. All CUMG members, associates, and administrative staff employed by CUMG on a regular, permanent basis are eligible to participate on the first day of employment. Temporary employees must be age 21 and have completed 12 months of service with at least 1,000 hours to be eligible for the Plan.
4. Roth 401(k) Contribution: Not applicable.
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