ST. JOSEPH CORPORATE SERVICES 401(K) PLAN Contribution & Employer Match
ST. JOSEPH CORPORATE SERVICES 401(K) PLAN Contribution & Employer Match
ST. JOSEPH HOSPITAL CORPORATE SERVICES, INC. provides the following retirement savings benefits to its employees:
ST. JOSEPH CORPORATE SERVICES 401(K) PLAN Average Participant Retirement Account Value
ST. JOSEPH CORPORATE SERVICES 401(K) PLAN Estimated Average Employee Contribution Amount
70,019.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,094.00 in ST. JOSEPH CORPORATE SERVICES 401(K) 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 ST. JOSEPH CORPORATE SERVICES 401(K) 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’.
ST. JOSEPH CORPORATE SERVICES 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants can contribute up to 100 percent of their annual salary, subject to Internal Revenue Service (IRS) limitations.
2. Employer Match/Contribution Conditions: The Employer matches 100% of the first 2% of eligible compensation for non-highly compensated eligible participants.
3. Vesting Schedule/Eligibility: All employees hired on or after July 1, 2011, will be subject to a 3-year cliff schedule that provides 100% vesting after three years of service; employees must have at least 1,000 eligible hours per plan year. Employees who terminated employment prior to July 1, 2011, are subject to a 6-year graded vesting schedule.
4. The Plan permits Roth elective deferrals.
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