TAX FAVORED SAVINGS PROGRAM Contribution & Employer Match

How BLUE CROSS AND BLUE SHIELD OF MISSISSIPPI, A MUTUAL INSURANCE COMPANY Supports Your Retirement Savings

BLUE CROSS AND BLUE SHIELD OF MISSISSIPPI, A MUTUAL INSURANCE COMPANY provides retirement savings benefits through TAX FAVORED SAVINGS PROGRAM. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

TAX FAVORED SAVINGS PROGRAM Average Participant Retirement Account Value

In 2024, the average participant retirement account value for TAX FAVORED SAVINGS PROGRAM is $166,370.00

TAX FAVORED SAVINGS PROGRAM Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for TAX FAVORED SAVINGS PROGRAM is $4,912.00. 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.
314,368.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,912.00 in TAX FAVORED SAVINGS PROGRAM, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in TAX FAVORED SAVINGS PROGRAM

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

TAX FAVORED SAVINGS PROGRAM Total Employer Contribution and Match Rate

In 2024, TAX FAVORED SAVINGS PROGRAM allocates $5,405,169.00 to match its employees’ contributions, providing an employer match rate of 145.84% of their contributions

TAX FAVORED SAVINGS PROGRAM Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in TAX FAVORED SAVINGS PROGRAM is approximately $7,374.00
Investing in this additonal $7,374.00 for 20 years would give you extra $471,938.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

TAX FAVORED SAVINGS PROGRAM Contribution & Match Policy

TAX FAVORED SAVINGS PROGRAM Plan Policies

TAX FAVORED SAVINGS PROGRAM Contribution, Match and Other Plan Policies

  • Employees elect participation in the Program by making contributions in an amount not less than one percent of total compensation.
  • Employee contributions are limited to 25% of compensation, subject to a ceiling.
  • Employees hired on or after July 1, 2001 who had not affirmatively elected to contribute, or not contribute, to the Program were automatically enrolled following the first payroll period of their employment at a contribution rate of 3% of compensation, and the contribution rate increased to 5% of compensation beginning January 1, 2020.
  • In addition, if a participant elects to defer 4% or less, then each year (on their anniversary date) the participant’s deferral rate will be increased by 1%, until the deferral rate reaches 5%.
  • Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
  • The Program matches each employee’s contribution up to 6% of compensation.
  • Participants become 100% vested in non-elective employer contributions upon completion of 3 years of service.
  • Participants are fully vested at all times in the portions of their accounts which are attributable to their individual contributions.
  • Matching and discretionary contributions by the Sponsor, including allocated earnings thereon, are 100% vested when they are made for participants of the Program.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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