FOUNDATION HEALTH PARTNERS 401(K) PLAN Contribution & Employer Match

FOUNDATION HEALTH PARTNERS 401(K) PLAN Contribution & Employer Match

FOUNDATION HEALTH PARTNERS provides the following retirement savings benefits to its employees:

FOUNDATION HEALTH PARTNERS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FOUNDATION HEALTH PARTNERS 401(K) PLAN is $83,439.00

FOUNDATION HEALTH PARTNERS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FOUNDATION HEALTH PARTNERS 401(K) PLAN is $4,858.00. 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.
310,939.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,858.00 in FOUNDATION HEALTH PARTNERS 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 FOUNDATION HEALTH PARTNERS 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’.

FOUNDATION HEALTH PARTNERS 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FOUNDATION HEALTH PARTNERS 401(K) PLAN allocates $3,825,743.00 to match its employees' contributions, providing an employer match rate of 36.25% of their contributions

FOUNDATION HEALTH PARTNERS 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FOUNDATION HEALTH PARTNERS 401(K) PLAN is approximately $1,723.00
Investing in this additonal $1,723.00 for 20 years would give you extra $110,291.00, assuming a 10% annual return.

FOUNDATION HEALTH PARTNERS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 1% and 100% of their pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer makes safe harbor contributions equal to 100% of the first 4% of the participant’s eligible compensation, regardless of the employee’s hours of service or employment on the last day of the plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and employer contributions plus actual earnings. Employees are eligible to participate upon reaching age 18 and must complete at least 12 months of service during the Plan year to be eligible for any employer-paid contributions.

4. Roth 401(k) Contribution: Yes, participants may elect to make Roth contributions utilizing after-tax contributions.

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