MIDMICHIGAN HEALTH 403B SAVINGS PLAN Contribution & Employer Match

MIDMICHIGAN HEALTH 403B SAVINGS PLAN Contribution & Employer Match

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

MIDMICHIGAN HEALTH 403B SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MIDMICHIGAN HEALTH 403B SAVINGS PLAN is $80,590.00

MIDMICHIGAN HEALTH 403B SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MIDMICHIGAN HEALTH 403B SAVINGS PLAN is $4,849.00. 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.
310,392.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,849.00 in MIDMICHIGAN HEALTH 403B SAVINGS 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 MIDMICHIGAN HEALTH 403B SAVINGS 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’.

MIDMICHIGAN HEALTH 403B SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, MIDMICHIGAN HEALTH 403B SAVINGS PLAN allocates $25,266,520.00 to match its employees' contributions, providing an employer match rate of 68.13% of their contributions

MIDMICHIGAN HEALTH 403B SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MIDMICHIGAN HEALTH 403B SAVINGS PLAN is approximately $3,063.00
Investing in this additonal $3,063.00 for 20 years would give you extra $196,078.00, assuming a 10% annual return.

MIDMICHIGAN HEALTH 403B SAVINGS PLAN Contribution & Match Policy

1. **Employee Contribution Rates:** Employees can contribute up to a maximum of 75 percent of their salary during a pay period.

2. **Employer Match/Contribution Conditions:** The employer matches 50 percent of the first 4 percent of compensation deferred by the participant, for a maximum employer contribution of 2 percent. Additionally, the employer provides a transition credit based on a percentage of the participant’s compensation determined by the participant’s group designation and the year in which the compensation is paid.

3. **Vesting Schedule/Eligibility:** Participants are immediately 100 percent vested in employee salary and rollover contributions. They become 100 percent vested in employer contributions after three years of credited service.

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