SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Contribution & Employer Match
SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Contribution & Employer Match
SOUTHCOAST HOSPITALS GROUP, INC. provides the following retirement savings benefits to its employees:
SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Average Participant Retirement Account Value
SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Estimated Average Employee Contribution Amount
280,693.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,385.00 in SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN, assuming a 10%* annual return.
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 SOUTHCOAST HEALTH SYSTEM PARTNERSHIP 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’.
SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Total Employer Contribution and Match Rate
SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Estimated Average Employer Match
Investing in this additonal $2,339.00 for 20 years would give you extra $149,756.00, assuming a 10% annual return.
SOUTHCOAST HEALTH SYSTEM PARTNERSHIP PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 85% of their plan compensation on a pre-tax basis.
2. Employer Match/Contribution Conditions: For employees of the Southcoast Visiting Nurse Association, the employer matches 100% of the first 4% of contributions. All other employees are matched 100% of the first 6% of contributions.
3. Vesting Schedule/Eligibility: Participants are eligible to receive employer contributions after completing two years of service. Participants are immediately 100% fully vested in their accounts.
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