GENESIS HEALTHCARE SYSTEM TDA THRIFT PLAN Contribution & Employer Match
GENESIS HEALTHCARE SYSTEM TDA THRIFT PLAN Contribution & Employer Match
GENESIS HEALTHCARE SYSTEM provides the following retirement savings benefits to its employees:
GENESIS HEALTHCARE SYSTEM TDA THRIFT PLAN Average Participant Retirement Account Value
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 HEALTHCARE SYSTEM TDA THRIFT 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 HEALTHCARE SYSTEM TDA THRIFT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute up to the amount allowed by law of their pre-tax annual compensation, or make Roth contributions.
2. Employer Match/Contribution Conditions: The Company may make matching contributions for participating employees with at least one year of service. Matching contributions are based on years of service and limited to 5% of compensation that a participant contributes to the Plan. The Company’s match percentages are as follows:
3. - 0 but less than 5 years of service: 20% match
4. - 5 but less than 10 years of service: 40% match
5. - 10 or more years of service: 60% match.
6. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions, plus actual earnings thereon. There are no specific eligibility requirements mentioned for vesting.
7. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.
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