MIDDLEBURY COLLEGE VOLUNTARY RETIREMENT PLAN Contribution & Employer Match
MIDDLEBURY COLLEGE VOLUNTARY RETIREMENT PLAN Contribution & Employer Match
PRESIDENT & FELLOWS OF MIDDLEBURY COLLEGE provides the following retirement savings benefits to its employees:
MIDDLEBURY COLLEGE VOLUNTARY RETIREMENT PLAN Average Participant Retirement Account Value
MIDDLEBURY COLLEGE VOLUNTARY RETIREMENT PLAN Estimated Average Employee Contribution Amount
190,051.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,969.00 in MIDDLEBURY COLLEGE VOLUNTARY RETIREMENT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 MIDDLEBURY COLLEGE VOLUNTARY 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’.
MIDDLEBURY COLLEGE VOLUNTARY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a portion of their eligible compensation on a pre-tax basis, subject to limits imposed by the IRS.
2. Employer Match/Contribution Conditions: There are no employer contributions in this plan.
3. Vesting Schedule/Eligibility: All participant accounts are 100% vested immediately; employees are eligible to participate immediately upon performing an hour of service.
4. Roth 401(k) Contribution: The Plan allows for after-tax Roth contributions and Roth employee rollovers.
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