PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Contribution & Employer Match

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Contribution & Employer Match

PROMEDICA HEALTH SYSTEM, INC. provides the following retirement savings benefits to its employees:

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN is $58,350.00

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN is $3,131.00. 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.
200,406.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,131.00 in PROMEDICA HEALTH SYSTEM, INC. 401(K) 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 PROMEDICA HEALTH SYSTEM, INC. 401(K) 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’.

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN allocates $29,042,684.00 to match its employees' contributions, providing an employer match rate of 45.01% of their contributions

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN is approximately $1,377.00
Investing in this additonal $1,377.00 for 20 years would give you extra $88,191.00, assuming a 10% annual return.

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 75 percent of their compensation.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the participant's contribution, not to exceed 3 percent of the employee's eligible compensation after the employee completes one year of service and is employed at the end of the plan year.

3. Vesting Schedule/Eligibility: Participants vest in the Company's contributions at 20 percent after one year of service and an additional 20 percent after each year of service until fully vested after five years of service.

4. Roth 401(k) contribution: Yes, employees can contribute on a pretax or after-tax basis.

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