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PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Contribution & Employer Match

PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Contribution & Employer Match

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

PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN is $64,352.00

PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN is $4,826.00. 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.
308,890.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,826.00 in PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN, 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 PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN

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’.

PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Total Employer Contribution and Match Rate

In 2023, PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN allocates $98,068,071.00 to match its employees' contributions, providing an employer match rate of 59.56% of their contributions

PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN is approximately $2,624.00
Investing in this additonal $2,624.00 for 20 years would give you extra $167,983.00, assuming a 10% annual return.

PIEDMONT HEALTHCARE, INC. 401(K) TOMORROWPLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute on a pre-tax basis from 1% to 100% of compensation, not to exceed $20,500 for the year ended December 31, 2022.

2. Employer Match/Contribution Conditions: Participant contributions are matched one dollar for each dollar up to 6% of compensation contributed.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary and rollover contributions. Employer matching contributions are 100% vested at all times. Vesting in the Company discretionary contributions is based on years of credited service, with 100% vesting after five years at a rate of 20% per year after the first year.

4. Roth 401(k) contribution: The plan allows after-tax contributions.

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