NEW JERSEY INSTITUTE FOR DISABILITIES RETIREMENT PLAN Contribution & Employer Match
NEW JERSEY INSTITUTE FOR DISABILITIES RETIREMENT PLAN Contribution & Employer Match
NEW JERSEY INSTITUTE FOR DISABILITIES provides the following retirement savings benefits to its employees:
NEW JERSEY INSTITUTE FOR DISABILITIES RETIREMENT PLAN Average Participant Retirement Account Value
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 NEW JERSEY INSTITUTE FOR DISABILITIES 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’.
NEW JERSEY INSTITUTE FOR DISABILITIES RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $2,701.00 for 20 years would give you extra $172,917.00, assuming a 10% annual return.
NEW JERSEY INSTITUTE FOR DISABILITIES RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: There are no employee contributions.
2. Employer Match/Contribution Conditions: The employer contributes 6% of eligible compensation for employees hired after September 1, 2022. Employees hired before that date previously received either 10% or 6% depending on their date of hire.
3. Vesting Schedule/Eligibility: Participants are 100% vested in the value of their accounts at all times. Employees can enter the Plan after completing two full Plan Years of service and having attained age 20½.
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