KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Contribution & Employer Match
How KNOX COMMUNITY HOSPITAL Supports Your Retirement Savings
KNOX COMMUNITY HOSPITAL provides retirement savings benefits through KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Average Participant Retirement Account Value
* Data are from public filings.
Employer Match in KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,401.00 for 20 years would give you extra $89,702.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
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.
KNOX COMMUNITY HOSPITAL EMPLOYEES RETIREMENT PLAN Maximum Match Calculator
This calculator helps to decide what’s the minimum contribution you have to maximize your employer match.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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