SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

SUMMA HEALTH provides the following retirement savings benefits to its employees:

SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN is $71,611.00

SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN is $2,276.00. 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.
145,694.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,276.00 in SUMMA HEALTH 401(K) 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 SUMMA HEALTH 401(K) 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’.

SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN allocates $257,652.00 to match its employees' contributions, providing an employer match rate of 14.16% of their contributions

SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN is approximately $320.00
Investing in this additonal $320.00 for 20 years would give you extra $20,484.00, assuming a 10% annual return.

SUMMA HEALTH 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary up to the maximum allowed by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The employer matches 50% of each Non-frozen Participant’s elective contributions and catch-up contributions for the Plan year not to exceed 3% of their compensation. For Frozen Participants, the matching contribution is equal to 100% of each Frozen Participant’s elective deferrals up to 1% of compensation and 50% of elective deferrals up to the next 5% of compensation.

3. Vesting Schedule/Eligibility: Employer contributions are fully vested after 3 years of service. Participants are eligible for matching contributions after one year of service. Vesting is based on the Hours of Service Method, where 1,000 hours of service in a calendar year earns one year of vesting.

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