SUTTER HEALTH RETIREMENT INCOME PLAN Contribution & Employer Match
SUTTER HEALTH RETIREMENT INCOME PLAN Contribution & Employer Match
SUTTER HEALTH provides the following retirement savings benefits to its employees:
SUTTER HEALTH RETIREMENT INCOME PLAN Average Participant Retirement Account Value
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 SUTTER HEALTH RETIREMENT INCOME 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’.
SUTTER HEALTH RETIREMENT INCOME PLAN Estimated Average Employer Match
Investing in this additonal $3,285.00 for 20 years would give you extra $210,291.00, assuming a 10% annual return.
SUTTER HEALTH RETIREMENT INCOME PLAN Contribution & Match Policy
1. Employee Contribution Rates: There are no employee contributions to the Plan.
2. Employer Match/Contribution Conditions: Employer contributions are based on total years of service with the Plan Sponsor and affiliated entities and are made either under an enhanced service-weighted contribution formula or various service-weighted contribution formulas, ranging from 3% to 12% of eligible compensation depending on the affiliated entity.
3. Vesting Schedule/Eligibility: Participants become fully vested in all contributions and earnings after three years of service or upon reaching normal retirement age, disability, or death while an employee. Eligibility generally begins on the date of hire for all eligible employees.
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