COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY PLAN Contribution & Employer Match

COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY PLAN Contribution & Employer Match

COLUMBUS COMMUNITY HOSPITAL, INC. provides the following retirement savings benefits to its employees:

COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY PLAN is $61,395.00

COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY PLAN is $5,286.00. 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.
338,317.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,286.00 in COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY 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 COLUMBUS COMMUNITY HOSPITAL, INC. TAX SHELTERED ANNUITY 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. TAX SHELTERED ANNUITY PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a deferral rate set at 6% of eligible compensation, which can escalate up to a maximum of 12% of compensation.

2. Employer Match/Contribution Conditions: The Hospital contributes 200% of the eligible participants’ contributions, not to exceed 4% of compensation for employees with less than 7 years of service, not to exceed 5% for those with more than 7 but less than 15 years of service, and not to exceed 7% for those with more than 15 years of service.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions, and eligibility is on the first day of employment with the Employer.

4. Roth 401(k) contribution: Yes, the plan allows for post-tax contributions, which indicates it includes a Roth 401(k) option.

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