RUSH HEALTH SYSTEMS RETIREMENT SAVINGS PLAN Contribution & Employer Match
RUSH HEALTH SYSTEMS RETIREMENT SAVINGS PLAN Contribution & Employer Match
RUSH MEDICAL FOUNDATION 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 RUSH HEALTH SYSTEMS RETIREMENT 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’.
RUSH HEALTH SYSTEMS RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $520.00 for 20 years would give you extra $33,335.00, assuming a 10% annual return.
RUSH HEALTH SYSTEMS RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 6% of their eligible compensation to receive the full employer match.
2. Employer Match/Contribution Conditions: If a participant contributes less than 6% of eligible compensation, the Company will contribute 50% of the employee’s contribution. If a participant contributes 6% or greater, the Company will contribute 3% of the employee’s eligible compensation.
3. Vesting Schedule/Eligibility: The vesting schedule for employer matching contributions is: 0% for less than 2 years of service, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6 years or more. Eligibility requirements include being at least 18 years old, having worked 1,000 hours, and completing one year of service.
4. Roth 401(k) contribution: Not stated.
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