KAISER PERMANENTE WASHINGTON DEFINED CONTRIBUTION PLAN Contribution & Employer Match
KAISER PERMANENTE WASHINGTON DEFINED CONTRIBUTION PLAN Contribution & Employer Match
KAISER FOUNDATION HEALTH PLAN OF WASHINGTON provides the following retirement savings benefits to its employees:
KAISER PERMANENTE WASHINGTON DEFINED CONTRIBUTION 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 KAISER PERMANENTE WASHINGTON DEFINED 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’.
KAISER PERMANENTE WASHINGTON DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $3,366.00 for 20 years would give you extra $215,436.00, assuming a 10% annual return.
KAISER PERMANENTE WASHINGTON DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may not contribute to the Plan.
2. Employer Match/Contribution Conditions: KFHPWA contributes an amount equal to 6.3% of the participant’s certified earnings up to the Social Security Taxable Wage Base (SSTWB) amount, plus 12% of the participant’s certified earnings above the SSTWB amount, up to the maximum amount permitted by the IRS.
3. Vesting Schedule/Eligibility: Vesting in KFHPWA’s contributions is based on years of continuous service with a minimum of one hour of new service required per year. Less than 3 years of service = 0% vested; 3 or more years of service = 100% vested.
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