SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Contribution & Employer Match

SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Contribution & Employer Match

SOUTHEAST IOWA REGIONAL MEDICAL CENTER, INC. provides the following retirement savings benefits to its employees:

SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) is $119,362.00

SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) is $704.00. 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.
45,082.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 704.00 in SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B), 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 SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B)

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’.

SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Total Employer Contribution and Match Rate

In 2023, SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) allocates $619,555.00 to match its employees' contributions, providing an employer match rate of 62.58% of their contributions

SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) is approximately $861.00
Investing in this additonal $861.00 for 20 years would give you extra $55,148.00, assuming a 10% annual return.

SOUTHEAST IOWA REGIONAL MEDICAL CENTER 403(B) Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their compensation each year, up to the maximum allowed by law.

2. Employer Match/Contribution Conditions: The employer matches 50% of an employee’s salary deferral contributions, not to exceed 2% of the employee’s compensation deferred.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their deferral contributions and Employer contributions plus actual earnings; to be eligible for Employer contributions, an employee must complete one year of service with a minimum of 520 hours of service.

4. Roth 401(k) Contribution: The plan allows for after-tax Roth deferral contributions.

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