NEBRASKA MEDICINE RETIREMENT PLAN - BASE AND MATCHING CONTRIBUTIONS Contribution & Employer Match
NEBRASKA MEDICINE RETIREMENT PLAN - BASE AND MATCHING CONTRIBUTIONS Contribution & Employer Match
NEBRASKA MEDICINE provides the following retirement savings benefits to its employees:
NEBRASKA MEDICINE RETIREMENT PLAN - BASE AND MATCHING CONTRIBUTIONS 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 NEBRASKA MEDICINE RETIREMENT PLAN - BASE AND MATCHING CONTRIBUTIONS
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’.
NEBRASKA MEDICINE RETIREMENT PLAN - BASE AND MATCHING CONTRIBUTIONS Estimated Average Employer Match
Investing in this additonal $4,640.00 for 20 years would give you extra $296,990.00, assuming a 10% annual return.
NEBRASKA MEDICINE RETIREMENT PLAN - BASE AND MATCHING CONTRIBUTIONS Contribution & Match Policy
1. Employee Contribution Rates: Employee contributions are not allowed.
2. Employer Match/Contribution Conditions: The employer matches 75% of the amount deferred by the employee under a separate 403(b) benefit plan. Detailed matching percentages vary based on years of service, with a maximum match percentage increasing from 2.25% to 9.75% depending on years of service.
3. Vesting Schedule/Eligibility: Employees are 20% vested after two years of credited service, increasing by 20% per year until they are 100% vested after six years of credited service. For dual providers hired before July 1, 2016, they are immediately 100% vested, while those hired after that date are 100% vested after three years of credited service.
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