OREGON HEALTHCARE RESOURCES EMPLOYEE SAVINGS PLAN Contribution & Employer Match

OREGON HEALTHCARE RESOURCES EMPLOYEE SAVINGS PLAN Contribution & Employer Match

OPTUM OREGON MSO, LLC provides the following retirement savings benefits to its employees:

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 OREGON HEALTHCARE RESOURCES 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’.

OREGON HEALTHCARE RESOURCES EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible pay.

2. Employer Match/Contribution Conditions: The employer matches 100% of employee deferral contributions up to 3% of eligible compensation, plus an additional 50% on the next 2% of eligible compensation, for a maximum contribution of 4%.

3. Vesting Schedule/Eligibility: The vesting schedule for employer discretionary matching and profit-sharing contributions is as follows: 0% after less than 2 years, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Eligible for profit-sharing contributions are employees with 12 months of service, at least 1,000 hours of service, age eighteen or older, and employed on the last day of the plan year.

4. Roth 401(k) Contribution: Yes, the plan allows Roth deferrals.

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