FHN MATCHING TAX DEFERRED ANNUITY PLAN Contribution & Employer Match

FHN MATCHING TAX DEFERRED ANNUITY PLAN Contribution & Employer Match

FREEPORT HEALTH NETWORK provides the following retirement savings benefits to its employees:

FHN MATCHING TAX DEFERRED ANNUITY PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FHN MATCHING TAX DEFERRED ANNUITY PLAN is $96,185.00

FHN MATCHING TAX DEFERRED ANNUITY PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FHN MATCHING TAX DEFERRED ANNUITY PLAN is $3,427.00. 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.
219,370.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,427.00 in FHN MATCHING TAX DEFERRED 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 FHN MATCHING TAX DEFERRED 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’.

FHN MATCHING TAX DEFERRED ANNUITY PLAN Total Employer Contribution and Match Rate

In 2023, FHN MATCHING TAX DEFERRED ANNUITY PLAN allocates $1,589,672.00 to match its employees' contributions, providing an employer match rate of 31.83% of their contributions

FHN MATCHING TAX DEFERRED ANNUITY PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FHN MATCHING TAX DEFERRED ANNUITY PLAN is approximately $1,068.00
Investing in this additonal $1,068.00 for 20 years would give you extra $68,372.00, assuming a 10% annual return.

FHN MATCHING TAX DEFERRED ANNUITY PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible employees may make voluntary salary reduction contributions, automatically deferring 3% of their compensation into the Plan, which can increase 1% per year until reaching 6%.

2. Employer Match/Contribution Conditions: The employer matches 50% of employee deferrals up to 3% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and earnings. The employer's matching contributions vest at 100% after three years of credited service.

4. The Plan allows Roth 401(k) contributions.

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