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