SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

SCRIPPS CLINIC MEDICAL GROUP, INC. provides the following retirement savings benefits to its employees:

SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN is $624,405.00

SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN is $13,019.00. 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.
833,263.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,019.00 in SCRIPPS CLINIC MEDICAL GROUP, INC. 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 SCRIPPS CLINIC MEDICAL GROUP, INC. 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’.

SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN allocates $26,322,459.00 to match its employees' contributions, providing an employer match rate of 156.97% of their contributions

SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN is approximately $19,687.00
Investing in this additonal $19,687.00 for 20 years would give you extra $1,260,012.00, assuming a 10% annual return.

SCRIPPS CLINIC MEDICAL GROUP, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to defer a percentage of their pre-tax compensation, with the maximum contribution permitted by the Internal Revenue Service (IRS) for calendar years 2022 and 2021 being $20,500 and $19,500, respectively.

2. Employer Match/Contribution Conditions: The Company may make discretionary Profit Sharing Contributions to the Plan for participants classified as 50% or more full-time equivalent employees who have been actively employed during the plan year. Additionally, participants are eligible to share in a Supplemental Profit Sharing Contribution, which also requires them to be 50% or more full-time equivalent employees.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary reduction contributions plus actual earnings. Vesting in the Company discretionary profit sharing and supplemental employer contributions is based on years of service, with a participant becoming 20% vested after one year of service and fully vested after five years of service. Employees classified as 50% full-time equivalent or greater are eligible to participate upon their hire date or after completing 1,000 hours of service within a twelve-month period.

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