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MULTICARE HEALTH SYSTEM 401(K) PLAN Contribution & Employer Match

MULTICARE HEALTH SYSTEM 401(K) PLAN Contribution & Employer Match

MULTICARE HEALTH SYSTEM provides the following retirement savings benefits to its employees:

MULTICARE HEALTH SYSTEM 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MULTICARE HEALTH SYSTEM 401(K) PLAN is $50,276.00

MULTICARE HEALTH SYSTEM 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MULTICARE HEALTH SYSTEM 401(K) PLAN is $4,505.00. 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.
288,368.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,505.00 in MULTICARE HEALTH SYSTEM 401(K) 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 MULTICARE HEALTH SYSTEM 401(K) 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’.

MULTICARE HEALTH SYSTEM 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, MULTICARE HEALTH SYSTEM 401(K) PLAN allocates $9,880,007.00 to match its employees' contributions, providing an employer match rate of 33.70% of their contributions

MULTICARE HEALTH SYSTEM 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MULTICARE HEALTH SYSTEM 401(K) PLAN is approximately $1,404.00
Investing in this additonal $1,404.00 for 20 years would give you extra $89,894.00, assuming a 10% annual return.

MULTICARE HEALTH SYSTEM 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to contribute eligible compensation, as defined by the Plan, subject to certain limitations under the IRC.

2. Employer Match/Contribution Conditions:

3. - Group A: Employer matches 50% of the participant’s contribution up to a maximum of 6% of compensation, not to exceed 3% of eligible compensation.

4. - Group B: Employer matches 100% of the participant’s contribution on the first 1% of eligible compensation, then matches 50% of the participant’s contribution above 1% of eligible compensation up to a maximum of 6% of eligible compensation, with total employer matching not exceeding 3.5% of eligible compensation.

5. - Group C: Employer matches 25% of the participant’s contributions that do not exceed 6% of the participant’s eligible compensation, with total employer matching not exceeding 1.5% of eligible compensation.

6. Vesting Schedule/Eligibility:

7. - Participants prior to July 1, 2017, are fully vested in all contributions and earnings thereon.

8. - Participants hired on or after July 1, 2017, are fully vested in participant contributions, including rollover contributions and earnings thereon.

9. - Vesting in Company contributions is based on years of service:

10. - 0 – 1 year: 0%

11. - 1 – 2 years: 20%

12. - 2 – 3 years:

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