COLUMBUS COMMUNITY HOSPITAL, INC. EMPLOYEES' RETIREMENT PLAN Contribution & Employer Match
COLUMBUS COMMUNITY HOSPITAL, INC. EMPLOYEES' RETIREMENT PLAN Contribution & Employer Match
COLUMBUS COMMUNITY HOSPITAL, INC. provides the following retirement savings benefits to its employees:
COLUMBUS COMMUNITY HOSPITAL, INC. EMPLOYEES' RETIREMENT 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 COLUMBUS COMMUNITY HOSPITAL, INC. EMPLOYEES' RETIREMENT 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’.
COLUMBUS COMMUNITY HOSPITAL, INC. EMPLOYEES' RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $2,458.00 for 20 years would give you extra $157,322.00, assuming a 10% annual return.
COLUMBUS COMMUNITY HOSPITAL, INC. EMPLOYEES' RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary, but the specific percentage is not stated.
2. Employer Match/Contribution Conditions: The employer matches contributions at 200% of the participants’ contribution, not exceeding 4% of compensation for employees with less than 7 years of service, 5% for those with more than 7 but less than 15 years, and 7% for employees with more than 15 years of service.
3. Vesting Schedule/Eligibility: Participants are 100% vested in rollover contributions immediately and in the employer's matching contribution after three years of credited service. Eligibility requires one year of service (1,000 or more hours) and reaching the age of 21.
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