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TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Contribution & Employer Match

TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Contribution & Employer Match

TOUCHMARK LIVING CENTERS, INC. provides the following retirement savings benefits to its employees:

TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN is $17,695.00

TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN is $1,502.00. 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.
96,184.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,502.00 in TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT 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 TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT 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’.

TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN allocates $1,294,286.00 to match its employees' contributions, providing an employer match rate of 33.52% of their contributions

TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN is approximately $613.00
Investing in this additonal $613.00 for 20 years would give you extra $39,295.00, assuming a 10% annual return.

TOUCHMARK LIVING CENTERS INC. EMPLOYEE SAVINGS & RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute no less than one percent of their total annual earnings.

2. Employer Match/Contribution Conditions: The employer matches contributions equal to 50% of each eligible employee’s deferral, up to 3% of eligible earnings.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective deferral contributions and earnings. The matching contributions are vested based on years of eligible service, with a participant becoming 100% vested after six eligible years of service, calculated on a scale based on years of service.

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