SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Contribution & Employer Match

SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Contribution & Employer Match

ALICE HYDE MEDICAL CENTER provides the following retirement savings benefits to its employees:

SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER is $73,061.00

SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER is $3,589.00. 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.
229,750.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,589.00 in SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER, 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 SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER

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’.

SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Total Employer Contribution and Match Rate

In 2023, SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER allocates $823,637.00 to match its employees' contributions, providing an employer match rate of 33.45% of their contributions

SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER is approximately $1,176.00
Investing in this additonal $1,176.00 for 20 years would give you extra $75,303.00, assuming a 10% annual return.

SAVINGS PLAN FOR EMPLOYEES OF ALICE HYDE MEDICAL CENTER Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to defer a specified percentage of gross wages subject to Internal Revenue Code limitations.

2. Employer Match/Contribution Conditions: The employer matches 0% if the employee has not been employed at least one year and is not contributing at least 1%; 3% match if the employee reaches 832 hours worked and has been employed for at least one year while contributing at least 1%; 3.5% match if the employee has participated in the Plan for 15 years and is contributing at least 2%; 5% match if the employee has participated for 15 years, is contributing at least 3%, and is 55 years old; 6% match if the employee has participated for 10 years, is contributing at least 3%, and is 56 years old.

3. Vesting Schedule/Eligibility: Participants are vested immediately in voluntary contributions. Vesting in employer contributions is based on years of service: 0% vested for less than 1 year, 33% for 1 year, 67% for 2 years, and 100% for 3 years of service.

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