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HEALTH ALLIANCE PLAN 401(K) PLAN Contribution & Employer Match

HEALTH ALLIANCE PLAN 401(K) PLAN Contribution & Employer Match

HEALTH ALLIANCE PLAN OF MICHIGAN provides the following retirement savings benefits to its employees:

HEALTH ALLIANCE PLAN 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HEALTH ALLIANCE PLAN 401(K) PLAN is $94,432.00

HEALTH ALLIANCE PLAN 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HEALTH ALLIANCE PLAN 401(K) PLAN is $5,379.00. 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.
344,265.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,379.00 in HEALTH ALLIANCE PLAN 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 HEALTH ALLIANCE PLAN 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’.

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

In 2023, HEALTH ALLIANCE PLAN 401(K) PLAN allocates $4,070,103.00 to match its employees' contributions, providing an employer match rate of 54.26% of their contributions

HEALTH ALLIANCE PLAN 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HEALTH ALLIANCE PLAN 401(K) PLAN is approximately $2,898.00
Investing in this additonal $2,898.00 for 20 years would give you extra $185,531.00, assuming a 10% annual return.

HEALTH ALLIANCE PLAN 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 75 percent of pre-tax compensation or an amount not to exceed the contribution limits established by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: HAP matches 100 percent of each participant’s contribution on the first one percent of compensation and 50 percent on the next five percent of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the earnings thereon. Employer contributions vest after two years of service.

4. Roth 401(k) Contribution: Yes, the Plan contains a Roth feature, allowing participants to contribute on an after-tax basis.

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