Advocate Health Care
Benefits

 


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401(k) Plan - Save Smart®

When you enroll in the Save Smart feature, you can increase your plan savings automatically each year. Using this feature, you choose:

The amount your savings will increase each year—1%, 2% or 3% of your eligible pay.
The maximum amount you want to save through the plan (subject to plan limitations), and
The timing the annual increases will occur—so you can coordinate these increases to occur at the same time as anticipated future pay raises.

This example shows how Save Smart can add to your savings over 10, 20 and 30 years. Let's assume you:

Earn $30,000 a year
Currently save 2% of your eligible pay through the Advocate Retirement Savings Plan
Enroll in Save Smart and elect to increase your savings 1% a year over the next five years (to a maximum savings rate of 7% of eligible pay).

Here's what your plan savings will be (assuming you receive annual pay increases of 3% a year and your plan investments earn a constant 6% investment return each year):

  10
years
20
years
30
years
Account value based on 2% annual savings $8,969 $25,503 $55,113
Added account value based on Save Smart additional savings $14,884 $50,256 $113,602
Total account value* $23,853 $75,759 $169,715

* The projected annual returns are not reflective of any specific investments; results may vary, based on the funds in which you choose to invest. A plan of systematic savings does not guarantee a profit or prevent a loss in a declining market. Mutual fund rates of return will fluctuate with market conditions and, upon redemption, may be worth more or less than the original value of your contribution.

To enroll in the Save Smart feature:
Go to Advocate Benefits—advocatebenefits.com
Click on Retirement Benefits and log in
Click on Advocate Health Care Network 401K Retirement Savings Plan
Click on Save Smart Election (in left navigation menu)
Follow the step-by-step instructions.

Note: You can change your plan contributions—and your Save Smart election—at any time.