KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
KNOX COMMUNITY HOSPITAL provides the following retirement savings benefits to its employees:
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT 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 KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT 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’.
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,530.00 for 20 years would give you extra $97,955.00, assuming a 10% annual return.
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollovers), but the specific percentage of salary for employee contributions is not provided.
2. Employer Match/Contribution Conditions: The Hospital contributes a Profit Sharing contribution of 3% of participants’ eligible compensation. Additionally, the Hospital provides a discretionary match equal to 50% of the participants’ elective deferral contributions made to the Knox Community Hospital Tax Deferred Annuity Plan, up to 3% of participants’ compensation.
3. Vesting Schedule/Eligibility: The vesting schedule is as follows:
4. - 1 year of service: 0%
5. - 2 years of service: 20%
6. - 3 years of service: 40%
7. - 4 years of service: 60%
8. - 5 years of service: 80%
9. - 6 years of service: 100%
10. Employees are eligible to participate after attaining the age of 18 and completing one year of service.
11. The text does not mention a Roth 401(k) contribution option.
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