H. LEE MOFFITT CANCER CENTER AND RESEARCH Contribution & Employer Match
H. LEE MOFFITT CANCER CENTER AND RESEARCH Contribution & Employer Match
H. LEE MOFFITT CANCER CENTER AND RESEARCH INSTITUTE provides the following retirement savings benefits to its employees:
H. LEE MOFFITT CANCER CENTER AND RESEARCH Average Participant Retirement Account Value
H. LEE MOFFITT CANCER CENTER AND RESEARCH Estimated Average Employee Contribution Amount
433,890.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,779.00 in H. LEE MOFFITT CANCER CENTER AND RESEARCH, 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 H. LEE MOFFITT CANCER CENTER AND RESEARCH
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’.
H. LEE MOFFITT CANCER CENTER AND RESEARCH Contribution & Match Policy
1. **Employee Contribution Rates:** Employees can contribute up to 100% of their eligible compensation, not to exceed the maximum allowed by the Internal Revenue Code.
2. **Employer Match/Contribution Conditions:** Employees must complete one year of service prior to being eligible to receive employer matching contributions and employer discretionary non-elective contributions.
3. **Vesting Schedule/Eligibility:** Employer contributions made prior to January 1, 2013 vest based on the following schedule:
4. - Less than 2 years: 0%
5. - 2 years: 20%
6. - 3 years: 40%
7. - 4 years: 67%
8. - 5 or more years: 100%
9. - Contributions are fully vested upon disability, death, or attainment of normal retirement age (65) while employed.
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