DESIGNS FOR HEALTH, INC. 401(K) PLAN Contribution & Employer Match

DESIGNS FOR HEALTH, INC. 401(K) PLAN Contribution & Employer Match

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

DESIGNS FOR HEALTH, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for DESIGNS FOR HEALTH, INC. 401(K) PLAN is $23,347.00

DESIGNS FOR HEALTH, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for DESIGNS FOR HEALTH, INC. 401(K) PLAN is $3,844.00. 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.
246,048.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,844.00 in DESIGNS FOR HEALTH, INC. 401(K) 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 DESIGNS FOR HEALTH, INC. 401(K) 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’.

DESIGNS FOR HEALTH, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, DESIGNS FOR HEALTH, INC. 401(K) PLAN allocates $706,141.00 to match its employees' contributions, providing an employer match rate of 49.84% of their contributions

DESIGNS FOR HEALTH, INC. 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in DESIGNS FOR HEALTH, INC. 401(K) PLAN is approximately $1,824.00
Investing in this additonal $1,824.00 for 20 years would give you extra $116,777.00, assuming a 10% annual return.

DESIGNS FOR HEALTH, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 100% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches participant contributions up to a maximum of 100% of the first 4% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe harbor employer matching contributions; employer discretionary matching and profit-sharing contributions vest at a rate of 20% per year, becoming 100% vested after six years of credited service. Eligibility requires completion of one year of service and working 1,000 or more hours during the plan year.

4. Allows Roth 401(k) contribution: Yes.

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