STURDY MEMORIAL 403(B) PLAN Contribution & Employer Match
STURDY MEMORIAL 403(B) PLAN Contribution & Employer Match
STURDY MEMORIAL HOSPITAL, INC. provides the following retirement savings benefits to its employees:
STURDY MEMORIAL 403(B) PLAN Average Participant Retirement Account Value
STURDY MEMORIAL 403(B) PLAN Estimated Average Employee Contribution Amount
240,111.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,751.00 in STURDY MEMORIAL 403(B) 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 STURDY MEMORIAL 403(B) 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’.
STURDY MEMORIAL 403(B) PLAN Total Employer Contribution and Match Rate
STURDY MEMORIAL 403(B) PLAN Estimated Average Employer Match
Investing in this additonal $396.00 for 20 years would give you extra $25,366.00, assuming a 10% annual return.
STURDY MEMORIAL 403(B) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their plan compensation on a pre-tax basis.
2. Employer Match/Contribution Conditions: The employer matches participant contributions at a percentage equal to 50% of each participant’s deferral contributions up to 2% of the participant’s compensation, for a maximum match of 1% of compensation.
3. Vesting Schedule/Eligibility: Participants are fully vested in their accounts immediately. The eligibility requirements are that employees must have attained age 21 and completed one year of service, defined as 1,000 hours of service during a twelve-month period.
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