GENESIS EMPLOYER CONTRIBUTION PLAN Contribution & Employer Match
GENESIS EMPLOYER CONTRIBUTION PLAN Contribution & Employer Match
GENESIS HEALTH SYSTEM provides the following retirement savings benefits to its employees:
GENESIS EMPLOYER CONTRIBUTION PLAN Average Participant Retirement Account Value
GENESIS EMPLOYER CONTRIBUTION PLAN Estimated Average Employee Contribution Amount
4,339.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 67.00 in GENESIS EMPLOYER CONTRIBUTION 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 GENESIS EMPLOYER CONTRIBUTION 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’.
GENESIS EMPLOYER CONTRIBUTION PLAN Total Employer Contribution and Match Rate
GENESIS EMPLOYER CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $647.00 for 20 years would give you extra $41,436.00, assuming a 10% annual return.
GENESIS EMPLOYER CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum percentage permissible under Section 402(g) of the Internal Revenue Code, starting with a deferral contribution rate of 4% of eligible compensation, which may increase to 6%.
2. Employer Match/Contribution Conditions: GenVentures, Inc. matches 100% of the first 3% of employee salary deferral contributions plus 50% of the next 2% of employee salary deferral contributions, with a maximum employer match contribution of 4% of eligible compensation.
3. Vesting Schedule/Eligibility: Employees are immediately vested in their contributions plus actual earnings. Vesting of employer match contributions is 0% for less than two years of service and 100% after two years of service.
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