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PARTNERS IN HOME CARE RETIREMENT PLAN Contribution & Employer Match

PARTNERS IN HOME CARE RETIREMENT PLAN Contribution & Employer Match

PARTNERS IN HOME CARE, INC. provides the following retirement savings benefits to its employees:

PARTNERS IN HOME CARE RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PARTNERS IN HOME CARE RETIREMENT PLAN is $32,624.00

PARTNERS IN HOME CARE RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PARTNERS IN HOME CARE RETIREMENT PLAN is $3,483.00. 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.
222,917.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,483.00 in PARTNERS IN HOME CARE 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 PARTNERS IN HOME CARE 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’.

PARTNERS IN HOME CARE RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, PARTNERS IN HOME CARE RETIREMENT PLAN allocates $455,603.00 to match its employees' contributions, providing an employer match rate of 45.82% of their contributions

PARTNERS IN HOME CARE RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PARTNERS IN HOME CARE RETIREMENT PLAN is approximately $1,389.00
Investing in this additonal $1,389.00 for 20 years would give you extra $88,898.00, assuming a 10% annual return.

PARTNERS IN HOME CARE RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum amounts allowed by law for the Plan year. Automatically enrolled participants have their deferral rate set at 6% of eligible compensation and have an increase of 1% each year up to 15%.

2. Employer Match/Contribution Conditions: The discretionary Employer match is based on 100% of employee deferrals up to the first 4% of eligible compensation, plus 50% of employee deferrals between 4% and 6% of eligible compensation, not to exceed a total matching contribution of 5% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the Employer’s discretionary matching and profit sharing contributions is based on years of service: 20% vested after one year of service, an additional 20% for each year thereafter, fully vested after five years, or in the event of death or total and permanent disability.

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

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