LIFEGIFT ORGAN DONATION CENTER DEFINED CONTRIBUTION PLAN Contribution & Employer Match
LIFEGIFT ORGAN DONATION CENTER DEFINED CONTRIBUTION PLAN Contribution & Employer Match
LIFEGIFT ORGAN DONATION CENTER provides the following retirement savings benefits to its employees:
LIFEGIFT ORGAN DONATION CENTER 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 LIFEGIFT ORGAN DONATION CENTER 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’.
LIFEGIFT ORGAN DONATION CENTER DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $2,629.00 for 20 years would give you extra $168,277.00, assuming a 10% annual return.
LIFEGIFT ORGAN DONATION CENTER DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Not applicable, as the plan is noncontributory and employees do not contribute to the plan.
2. Employer Match/Contribution Conditions: The employer contributes 5% of each eligible employee’s annual compensation, based on the employee having completed 1,000 hours of service and being actively employed on the last day of the plan year.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 0% after less than one year, 20% after one year, 40% after two years, 60% after three years, 80% after four years, and 100% after five years or more. Eligibility requires completion of 1,000 hours of service in a plan year.
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