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LAFAYETTE GENERAL HEALTH Contribution & Employer Match

LAFAYETTE GENERAL HEALTH Contribution & Employer Match

LAFAYETTE GENERAL HEALTH provides the following retirement savings benefits to its employees:

LAFAYETTE GENERAL HEALTH Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for LAFAYETTE GENERAL HEALTH is $3,234.00. 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.
207,011.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,234.00 in LAFAYETTE GENERAL HEALTH, 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 LAFAYETTE GENERAL HEALTH

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’.

LAFAYETTE GENERAL HEALTH Total Employer Contribution and Match Rate

In 2021, LAFAYETTE GENERAL HEALTH allocates $5,448,022.00 to match its employees' contributions, providing an employer match rate of 27.05% of their contributions

LAFAYETTE GENERAL HEALTH Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in LAFAYETTE GENERAL HEALTH is approximately $874.00
Investing in this additonal $874.00 for 20 years would give you extra $55,993.00, assuming a 10% annual return.

LAFAYETTE GENERAL HEALTH Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute an amount of not less than 1% up to 75% of compensation earned during the plan year.

2. Employer Match/Contribution Conditions: The employer matches 67% of the first 3% of compensation that the participant contributes to the Plan. Additionally, the company may make a discretionary employer contribution based on total compensation, with specific percentages tied to years of service.

3. Vesting Schedule/Eligibility: Vesting in the company's matching contributions occurs 20% after two years, 40% after three years, 60% after four years, 80% after five years, and 100% after six years for participants hired on or after January 1, 2021. For those hired on or before December 31, 2020, vesting occurs 34% after one year, 67% after two years, and 100% after three years. All eligible employees must complete one year of service to receive an allocation of the discretionary employer contribution.

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