HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Contribution & Employer Match

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Contribution & Employer Match

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION provides the following retirement savings benefits to its employees:

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN is $33,574.00

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN is $2,532.00. 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.
162,063.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,532.00 in HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP 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 HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP 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’.

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Total Employer Contribution and Match Rate

In 2023, HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN allocates $740,238.00 to match its employees' contributions, providing an employer match rate of 27.56% of their contributions

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN is approximately $636.00
Investing in this additonal $636.00 for 20 years would give you extra $40,735.00, assuming a 10% annual return.

HOSPICE & PALLIATIVE CARE CHARLOTTE REGION SAVINGS AND INCENTIVE PARTNERSHIP PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to $20,500 of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: For the period from January 1, 2022, through November 30, 2022, HPCCR matched 25% of employee contributions up to 10% of eligible wages. Effective December 1, 2022, the matching contributions became discretionary, with HPCCR electing to match 50% of employee contributions up to 6% of eligible wages. Highly compensated employees are not eligible for Sponsor matching contributions.

3. Vesting Schedule/Eligibility: Participants are immediately fully vested in their contributions and Sponsor match. Participants will fully vest in HPCCR’s discretionary contributions after three years of service, with no partial vesting. Eligibility requires completion of a year of service, defined as at least 1,000 hours of service, and employment on the last day of the Plan year.

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