LIFEPOINT HEALTH, INC. RETIREMENT PLAN Contribution & Employer Match

LIFEPOINT HEALTH, INC. RETIREMENT PLAN Contribution & Employer Match

LIFEPOINT HEALTH, INC. provides the following retirement savings benefits to its employees:

LIFEPOINT HEALTH, INC. RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LIFEPOINT HEALTH, INC. RETIREMENT PLAN is $38,279.00

LIFEPOINT HEALTH, INC. RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LIFEPOINT HEALTH, INC. RETIREMENT PLAN is $2,912.00. 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.
186,402.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,912.00 in LIFEPOINT HEALTH, INC. RETIREMENT PLAN, 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 LIFEPOINT HEALTH, INC. 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’.

LIFEPOINT HEALTH, INC. RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, LIFEPOINT HEALTH, INC. RETIREMENT PLAN allocates $32,145,992.00 to match its employees' contributions, providing an employer match rate of 18.08% of their contributions

LIFEPOINT HEALTH, INC. RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LIFEPOINT HEALTH, INC. RETIREMENT PLAN is approximately $541.00
Investing in this additonal $541.00 for 20 years would give you extra $34,680.00, assuming a 10% annual return.

LIFEPOINT HEALTH, INC. RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 85% of their eligible compensation to the Plan.

2. Employer Match/Contribution Conditions: The employer matches 25% up to 6% of participants’ salary deferral contributions, limited to $3,000. For certain employees, matching contributions differ, with some receiving 100% matches up to 3% of their contributions, others 50% of their contributions up to certain percentages, depending on classification.

3. Vesting Schedule/Eligibility: Participants are 0% vested for 0-1 years of service and 100% vested after 2 years. Exceptions apply for certain employees who may have different vesting conditions.

4. Roth 401(k) Contribution: The Plan allows after-tax (Roth) contributions.

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