NACHRI DEFINED CONTRIBUTION PLAN Contribution & Employer Match
NACHRI DEFINED CONTRIBUTION PLAN Contribution & Employer Match
NATIONAL ASSOCIATION OF CHILDREN'S HOSPITALS & RELATED INSTITUTIONS provides the following retirement savings benefits to its employees:
NACHRI DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value
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 NACHRI DEFINED CONTRIBUTION 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’.
NACHRI DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $6,154.00 for 20 years would give you extra $393,905.00, assuming a 10% annual return.
NACHRI DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 5% of their eligible compensation to the plan.
2. Employer Match/Contribution Conditions: The employer matches up to 5% of eligible compensation for employees who elect to make contributions, with additional discretionary contributions determined annually by the Board of Trustees. Discretionary contributions are made to participants actively employed as of the last day of the year who worked 1,000 service hours during the plan year.
3. Vesting Schedule/Eligibility: Participants are vested in employer contributions plus actual earnings after completing one year of service. Eligibility requires completing one year of eligibility service.
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