CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN Contribution & Employer Match

CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN Contribution & Employer Match

CORNELL UNIVERSITY provides the following retirement savings benefits to its employees:

CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN is $122,782.00

CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN is $4,108.00. 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.
262,934.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,108.00 in CORNELL UNIVERSITY TAX-DEFERRED ANNUITY 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 CORNELL UNIVERSITY TAX-DEFERRED ANNUITY 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’.

CORNELL UNIVERSITY TAX-DEFERRED ANNUITY PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants can contribute up to the annual dollar limitation set by the federal government, which was $20,500 for 2022 and $19,500 for 2021.

2. Employer Match/Contribution Conditions: Not specifically mentioned.

3. Vesting Schedule/Eligibility: A participant is 100% vested at all times in all accounts. All endowed and contract employees are eligible to participate in the Plan, with the exception of students.

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