PRESBYTERIAN HOMES AND SERVICES EMPLOYEES RETIREMENT SAVINGS AND INVESTMENT PLAN Contribution & Employer Match
PRESBYTERIAN HOMES AND SERVICES EMPLOYEES RETIREMENT SAVINGS AND INVESTMENT PLAN Contribution & Employer Match
PRESBYTERIAN HOMES AND SERVICES provides the following retirement savings benefits to its employees:
PRESBYTERIAN HOMES AND SERVICES EMPLOYEES RETIREMENT SAVINGS AND INVESTMENT PLAN 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 PRESBYTERIAN HOMES AND SERVICES EMPLOYEES RETIREMENT SAVINGS AND INVESTMENT 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’.
PRESBYTERIAN HOMES AND SERVICES EMPLOYEES RETIREMENT SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match
Investing in this additonal $873.00 for 20 years would give you extra $55,916.00, assuming a 10% annual return.
PRESBYTERIAN HOMES AND SERVICES EMPLOYEES RETIREMENT SAVINGS AND INVESTMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute at least 1% of their eligible compensation to the plan.
2. Employer Match/Contribution Conditions: The employer makes a matching contribution equal to a stated tiered percentage of eligible compensation based on length of service.
3. Vesting Schedule/Eligibility: A participant is 100% vested after the completion of five years of credited service. Participants are fully vested upon reaching normal retirement age or permanent disability.
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