SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Contribution & Employer Match

SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Contribution & Employer Match

SALEM HEALTH HOSPITALS & CLINICS provides the following retirement savings benefits to its employees:

SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN is $123,187.00

SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN is $7,251.00. 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.
464,070.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,251.00 in SALEM HEALTH HOSPITALS & CLINICS 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 SALEM HEALTH HOSPITALS & CLINICS 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’.

SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN allocates $26,442,191.00 to match its employees' contributions, providing an employer match rate of 56.33% of their contributions

SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN is approximately $3,859.00
Investing in this additonal $3,859.00 for 20 years would give you extra $246,979.00, assuming a 10% annual return.

SALEM HEALTH HOSPITALS & CLINICS RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: 1% to 70% of pretax annual compensation.

2. Employer Match/Contribution Conditions: Employer matches contributions if participants defer at least 1% of their annual compensation. The matching contributions are equal to the participant's contribution level, up to 4%.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their contributions and employer match contributions. For experience-based contributions: 0% for less than 1 year, 20% for 1 year, 40% for 2 years, 60% for 3 years, 80% for 4 years, and 100% for 5 or more years of service. Eligibility for employer contributions requires one year of service with at least 1,000 hours worked.

Recent Articles

Free newsletters

High quality resources for 401k, 403b, 529 retirement plans on investment, contribution, fees, retirement planning and much more ...

Puzzled on what to invest?

  • We ask a few questions to decide your personal return and risk expectations
  • We build a custom portfolio for your plan (401(k), 403(b), 529 ...) or for a  brokerage account
  • We monitor and send timely rebalance emails on what investment funds to buy and sell

Get Started

Looking for ideas to generate income?

  • ETF or mutual fund income portfolios for 4-7% annual income
  • Dividend stock funds
  • Passive real estate investments
  • more ...

Click for tips and plans for income

Portfolio Calculator (Simulator)

Quickly enter fund allocation and get a back test result on the performance of this 'lazy' portfolio.

Customize Asset Allocation Portfolios

Build a custom model portfolio using our asset strategic or tactical strategies, tailored to a 401(k) plan or for a brokerage account.

Retirement Calculator

See how much you can save for retirement.

Investment Calculator

Grow your wealth and see the power of compounding.


Looking for a (forgotten) 401(k)?

Find plan contact info, plan expenses, investment options, rollover your old plan, or learn how to select investments on your 401k plan ...