SCL HEALTH RETIREMENT SAVINGS PLAN Contribution & Employer Match
SCL HEALTH RETIREMENT SAVINGS PLAN Contribution & Employer Match
SISTERS OF CHARITY OF LEAVENWORTH HEALTH SYSTEM, INC. 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 SCL HEALTH 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 RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may make elective deferrals in 1% increments.
2. Employer Match/Contribution Conditions: The text does not specify conditions for employer matches or contributions to the plan.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and in any rollover contributions plus actual earnings thereon. Eligibility requirements include that participants must be employees of SCL Health or a related employer, except for those hired by specific excluded organizations.
4. Roth 401(k) Contribution: The text does not mention Roth 401(k) contributions.
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