EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Contribution & Employer Match

EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Contribution & Employer Match

ALBERT EINSTEIN HEALTHCARE NETWORK provides the following retirement savings benefits to its employees:

EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN is $62,064.00

EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN is $3,762.00. 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.
240,781.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,762.00 in EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS 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 EINSTEIN HEALTHCARE NETWORK RETIREMENT 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’.

EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2021, EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN allocates $1,266,502.00 to match its employees' contributions, providing an employer match rate of 3.15% of their contributions

EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN is approximately $118.00
Investing in this additonal $118.00 for 20 years would give you extra $7,576.00, assuming a 10% annual return.

EINSTEIN HEALTHCARE NETWORK RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute any percentage of their annual eligible compensation to their Plan accounts on a before-tax basis.

2. Employer Match/Contribution Conditions: The employer provides a matching contribution equal to 20% of the participant’s elective deferrals that do not exceed 4% of the participant’s first $50,000 of eligible compensation contributed to the Plan, with a maximum matching contribution of $400 per plan year. Participants must have completed 1,000 hours of service and be employed at year-end to receive the matching contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. For employer contributions, participants are fully vested after three years of service, unless they were credited with an hour of service on or after July 1, 2017, when they will become 100% vested.

4. Roth 401(k) contributions are allowed.

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