MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Contribution & Employer Match
MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Contribution & Employer Match
MULTICARE HEALTH SYSTEM provides the following retirement savings benefits to its employees:
MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value
MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount
351,759.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,496.00 in MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS 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 MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE 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’.
MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate
MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $0.00 for 20 years would give you extra $-16.00, assuming a 10% annual return.
MULTICARE HEALTH SYSTEM 403(B) EMPLOYEE SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute eligible compensation, subject to certain limitations under the IRC.
2. Vesting Schedule/Eligibility: Participants are fully vested in all contributions and earnings thereon. Employees identified as Puget Sound Region employees are eligible to contribute and may enter the Plan immediately upon date of hire.
3. Roth 401(k) Contribution: Yes, it allows Roth contributions.
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