DOCTORS COMMUNITY HOSPITAL TAX DEFERRED SAVINGS PLAN Contribution & Employer Match
DOCTORS COMMUNITY HOSPITAL TAX DEFERRED SAVINGS PLAN Contribution & Employer Match
LUMINIS HEALTH DOCTOR'S COMMUNITY MEDICAL CENTER provides the following retirement savings benefits to its employees:
DOCTORS COMMUNITY HOSPITAL TAX DEFERRED SAVINGS PLAN Estimated Average Employee Contribution Amount
45,460.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 710.00 in DOCTORS COMMUNITY HOSPITAL TAX DEFERRED SAVINGS PLAN, assuming a 10%* annual return.
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 DOCTORS COMMUNITY HOSPITAL TAX DEFERRED SAVINGS 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’.
DOCTORS COMMUNITY HOSPITAL TAX DEFERRED SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to the Internal Revenue Service (IRS) threshold of pretax annual compensation; new employees are automatically enrolled at elective deferrals of 2% of their pay, with a scheduled auto-escalation up to a maximum of 10%.
2. Employer Match/Contribution Conditions: Effective January 1, 2020, the employer contributes a discretionary match determined each Plan year. Eligible wages for the purpose of the match exclude bonuses and severance pay, and a match is made if a participant dies, retires, or incurs a disability in the Plan year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Hospital’s matching contribution is also immediately 100% vested. Participants are eligible for a match if they are employed at the end of the Plan year, have completed two years of eligible service, and have an eligible job status.
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