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NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Contribution & Employer Match

NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Contribution & Employer Match

NCH HEALTHCARE SYSTEM, INC. provides the following retirement savings benefits to its employees:

NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN is $60,521.00

NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN is $3,774.00. 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.
241,557.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,774.00 in NCH HEALTHCARE SYSTEM, INC. 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 NCH HEALTHCARE SYSTEM, INC. 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’.

NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN allocates $8,294,519.00 to match its employees' contributions, providing an employer match rate of 35.74% of their contributions

NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN is approximately $1,318.00
Investing in this additonal $1,318.00 for 20 years would give you extra $84,409.00, assuming a 10% annual return.

NCH HEALTHCARE SYSTEM, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute 1% to 75% of pre-tax annual compensation up to the dollar limit for that year set by the IRS.

2. Employer Match/Contribution Conditions: The employer may make matching contributions, at its discretion, of 100% of the first 2% of eligible compensation contributed by the participant plus 50% of the next 4% of eligible compensation contributed by the participant, up to a maximum of 4% of eligible compensation, after the participant has completed 12 months of employment.

3. Vesting Schedule/Eligibility: Participants are 50% vested after two years of service and 100% vested after three years of service or upon death, disability, or reaching age 65.

4. Allows Roth 401(k) contribution: Yes.

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