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NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN Contribution & Employer Match

NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN Contribution & Employer Match

NORTHWEST COMMUNITY HEALTHCARE provides the following retirement savings benefits to its employees:

NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN is $4,678.00. 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.
299,421.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,678.00 in NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT 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 NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT 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’.

NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN allocates $9,582,183.00 to match its employees' contributions, providing an employer match rate of 38.64% of their contributions

NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN is approximately $1,728.00
Investing in this additonal $1,728.00 for 20 years would give you extra $110,616.00, assuming a 10% annual return.

NORTHWEST COMMUNITY HEALTHCARE EMPLOYEES' RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute to the Plan an amount subject to limitations imposed by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches contributions equal to 100% of the first 3% of the participant's eligible compensation contributed to the Plan, and then 50% of the next 3% of the participant's eligible compensation contributed.

3. Vesting Schedule/Eligibility: The Hospital matching contribution is subject to a three-year cliff vesting schedule. Participants are immediately fully vested in their own contributions and rollover contributions. In the event of death or attainment of age 65 while actively employed, participants become fully vested.

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