SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SISTERS OF CHARITY OF LEAVENWORTH HEALTH SYSTEM provides the following retirement savings benefits to its employees:

SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN is $1,232.00. 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.
78,858.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,232.00 in SCL HEALTH 401(K) RETIREMENT SAVINGS 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 SCL HEALTH 401(K) 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’.

SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN allocates $12,430,363.00 to match its employees' contributions, providing an employer match rate of 53.81% of their contributions

SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN is approximately $629.00
Investing in this additonal $629.00 for 20 years would give you extra $40,274.00, assuming a 10% annual return.

SCL HEALTH 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary in whole percentages, but the specific percentage is not stated in the provided text.

2. Employer Match/Contribution Conditions: The employer matches participant’s deferred compensation with contributions ranging from 100% of certain participants' deferred eligible compensation for 4% and greater (maximum of 6%), while other participants receive 70% of eligible deferred compensation with a maximum of 6%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in elective and rollover contributions. Vesting for the Company contribution is: 0% after less than 1 year, 20% after 2 years, 50% after 3 years, 75% after 4 years, and 100% after 5 years or more. Employees eligible after completing 1,000 hours of service.

4. Roth 401(k) contribution: Not allowed.

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