MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Contribution & Employer Match

MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Contribution & Employer Match

MAINEGENERAL HEALTH provides the following retirement savings benefits to its employees:

MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN is $65,020.00

MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN is $2,876.00. 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.
184,097.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,876.00 in MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY 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 MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY 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’.

MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Total Employer Contribution and Match Rate

In 2021, MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN allocates $3,537,434.00 to match its employees' contributions, providing an employer match rate of 21.25% of their contributions

MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN is approximately $611.00
Investing in this additonal $611.00 for 20 years would give you extra $39,114.00, assuming a 10% annual return.

MAINEGENERAL HEALTH 403(B) TAX SHELTERED ANNUITY PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants are eligible to make pre-tax contributions of their compensation in any amount up to the Internal Revenue Service (IRS) annual limit.

2. Employer Match/Contribution Conditions: The Company will match participant contributions to the Plan at 50% of salary deferrals up to 4% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants vest 0% with their first year of service and 20% with each subsequent year. Participants are credited with a year of service for each calendar year in which they work 1,000 hours. They are immediately 100% vested for their own contributions.

4. It allows Roth 401(k) contribution.

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