THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Contribution & Employer Match

THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Contribution & Employer Match

THE MOSES H. CONE MEMORIAL HOSPITAL OPERATING CORPORATION provides the following retirement savings benefits to its employees:

THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN is $75,476.00

THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN is $4,317.00. 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.
276,300.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,317.00 in THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY 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 THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY 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’.

THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN allocates $27,706,102.00 to match its employees' contributions, providing an employer match rate of 35.32% of their contributions

THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN is approximately $1,432.00
Investing in this additonal $1,432.00 for 20 years would give you extra $91,685.00, assuming a 10% annual return.

THE MOSES H. CONE MEMORIAL HOSPITAL VOLUNTARY SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of eligible earnings to the plan, subject to limitations defined in the Plan document.

2. Employer Match/Contribution Conditions: The System matches contributions dollar for dollar on employee elective deferrals made after March 31, 2012, not to exceed 4% of the participant's compensation.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately. For employer contributions, a participant must be 21 years of age, employed on the last day of the Plan year, and have completed 1,000 hours or more of service during the Plan year. To be eligible for enhanced match, participants must have 10 years of service on the last day of the Plan year.

4. It allows Roth 401(k) contribution.

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