ST. BARNABAS HOSPITAL 403(B) PLAN Contribution & Employer Match
How ST. BARNABAS HOSPITAL Supports Your Retirement Savings
ST. BARNABAS HOSPITAL provides retirement savings benefits through ST. BARNABAS HOSPITAL 403(B) PLAN. 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.
ST. BARNABAS HOSPITAL 403(B) PLAN Average Participant Retirement Account Value
ST. BARNABAS HOSPITAL 403(B) PLAN Estimated Average Employee Contribution Amount
256,520.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,008.00 in ST. BARNABAS HOSPITAL 403(B) PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in ST. BARNABAS HOSPITAL 403(B) PLAN
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.
ST. BARNABAS HOSPITAL 403(B) PLAN Total Employer Contribution and Match Rate
ST. BARNABAS HOSPITAL 403(B) PLAN Estimated Average Employer Match
Investing in this additonal $679.00 for 20 years would give you extra $43,516.00, 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.
ST. BARNABAS HOSPITAL 403(B) PLAN Contribution & Match Policy
ST. BARNABAS HOSPITAL 403(B) PLAN Contribution, Match and Other Plan Policies
- Each year, participants may contribute a percentage of their pre-tax annual compensation, as defined in the Plan.
- Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
- The plan includes an auto-enrollment provision whereby all newly eligible employees not covered under a collective bargaining agreement are automatically enrolled in the Plan, unless they affirmatively elect not to participate, with a default deferral rate set at 3% of eligible compensation.
- The automatic deferral amount will increase annually by 1% of eligible compensation up to a maximum of 10% of eligible compensation unless the participant designates otherwise.
- Discretionary contributions are determined by the Hospital.
- For the years ended December 31, 2024 and 2023, the Hospital made a discretionary contribution equaling 3.00% of eligible compensation.
- Participants are vested immediately in their contributions plus actual earnings thereon.
- Vesting in the Hospital’s discretionary contributions plus actual earnings is based on years of completed service.
- A participant is 20% vested after 1 year of service and an additional 20% every year thereafter until fully vested.
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:
| 2024 | 2025 | |
|---|---|---|
| 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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