CHRISTIANA CARE HEALTH SERVICES, INC. DEFINED CONTRIBUTION PLAN Contribution & Employer Match
CHRISTIANA CARE HEALTH SERVICES, INC. DEFINED CONTRIBUTION PLAN Contribution & Employer Match
CHRISTIANA CARE HEALTH SERVICES, INC. provides the following retirement savings benefits to its employees:
CHRISTIANA CARE HEALTH SERVICES, INC. DEFINED CONTRIBUTION 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 CHRISTIANA CARE HEALTH SERVICES, INC. DEFINED CONTRIBUTION 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’.
CHRISTIANA CARE HEALTH SERVICES, INC. DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $2,875.00 for 20 years would give you extra $184,046.00, assuming a 10% annual return.
CHRISTIANA CARE HEALTH SERVICES, INC. DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: The Plan is non-contributory.
2. Employer Match/Contribution Conditions: Employer contributions are made quarterly based on a percentage of participants’ eligible compensation, with a schedule based on years of vesting service ranging from 3.0% to 5.0% depending on the group.
3. Vesting Schedule/Eligibility: A participant is 100% vested after three years of credited service. A participant is also 100% vested upon attainment of normal retirement age, death while an employee, or death while absent from employment in qualified military service. Eligibility requires one year of service (minimum of 1,000 hours) and attainment of age twenty-one.
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