GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Contribution & Employer Match

GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Contribution & Employer Match

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

GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN is $97,741.00

GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN is $2,272.00. 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.
145,409.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,272.00 in GANNON UNIVERSITY DEFINED CONTRIBUTION 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 GANNON UNIVERSITY DEFINED CONTRIBUTION 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’.

GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Total Employer Contribution and Match Rate

In 2023, GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN allocates $2,906,482.00 to match its employees' contributions, providing an employer match rate of 86.58% of their contributions

GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN is approximately $1,742.00
Investing in this additonal $1,742.00 for 20 years would give you extra $111,519.00, assuming a 10% annual return.

GANNON UNIVERSITY DEFINED CONTRIBUTION PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100% of pretax annual compensation, subject to IRS limits.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 7.5% of employee contributions, or up to 10% for employees hired before July 1, 1997 with 20 years of participation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the University’s contributions plus actual earnings.

4. Roth 401(k) Contribution: The plan allows for after-tax contributions into a Roth account.

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