VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match

VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match

VALLEY CHILDREN'S HOSPITAL provides the following retirement savings benefits to its employees:

VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN is $113,473.00

VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN is $4,594.00. 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.
294,059.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,594.00 in VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION 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 VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION 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’.

VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN allocates $17,166,699.00 to match its employees' contributions, providing an employer match rate of 78.81% of their contributions

VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN is approximately $3,540.00
Investing in this additonal $3,540.00 for 20 years would give you extra $226,576.00, assuming a 10% annual return.

VALLEY CHILDREN'S HOSPITAL DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute on a tax-deferred basis up to the annual limitations as prescribed by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The Hospital made matching contributions of 60% of each eligible participant’s contributions up to 6% of eligible compensation for the year ended December 31, 2022.

3. Vesting Schedule/Eligibility: Employees of the Hospital are eligible to receive employer contributions after one year of service in which at least 1,000 hours are worked. The vesting schedule for employer contributions is 100% vesting after 3 years of service.

4. Yes, it allows Roth 401(k) contributions.

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