MONUMENT HEALTH, INC. 403(B) PLAN Contribution & Employer Match

MONUMENT HEALTH, INC. 403(B) PLAN Contribution & Employer Match

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

MONUMENT HEALTH, INC. 403(B) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MONUMENT HEALTH, INC. 403(B) PLAN is $38,444.00

MONUMENT HEALTH, INC. 403(B) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MONUMENT HEALTH, INC. 403(B) PLAN is $3,857.00. 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.
246,858.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,857.00 in MONUMENT HEALTH, INC. 403(B) 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 MONUMENT HEALTH, INC. 403(B) 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’.

MONUMENT HEALTH, INC. 403(B) PLAN Total Employer Contribution and Match Rate

In 2023, MONUMENT HEALTH, INC. 403(B) PLAN allocates $11,745,729.00 to match its employees' contributions, providing an employer match rate of 40.15% of their contributions

MONUMENT HEALTH, INC. 403(B) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MONUMENT HEALTH, INC. 403(B) PLAN is approximately $1,500.00
Investing in this additonal $1,500.00 for 20 years would give you extra $96,030.00, assuming a 10% annual return.

MONUMENT HEALTH, INC. 403(B) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute up to 100% of their pretax annual compensation, as defined in the Plan.

2. Employer Match/Contribution Conditions: Monument Health contributed a discretionary matching contribution based upon 100% of the participant’s elective deferrals that do not exceed 2% of eligible compensation, plus 50% of the participant’s elective deferrals that exceed 2% of eligible compensation but do not exceed 6% of eligible compensation for the allocation period.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the employer’s contribution portion of their accounts is based on years of continuous service, with 100% vesting after 3 years of credited service. Eligibility for employer matching contributions has no age or service requirements.

4. Roth 401(k) contribution: The Plan allows participants to designate contributions as Roth contributions.

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