POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Contribution & Employer Match

POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Contribution & Employer Match

POINT LOMA NAZARENE UNIVERSITY provides the following retirement savings benefits to its employees:

POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN is $82,455.00

POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN is $1,971.00. 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.
126,158.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,971.00 in POINT LOMA NAZARENE UNIVERSITY RETIREMENT 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 POINT LOMA NAZARENE UNIVERSITY 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’.

POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN allocates $2,964,738.00 to match its employees' contributions, providing an employer match rate of 83.07% of their contributions

POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN is approximately $1,596.00
Investing in this additonal $1,596.00 for 20 years would give you extra $102,177.00, assuming a 10% annual return.

POINT LOMA NAZARENE UNIVERSITY RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible employees may contribute up to the maximum allowed by the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The University matches 100 percent of the employee’s contribution up to five percent of eligible compensation after the employee completes two years of service. Additionally, the University contributes three percent of eligible compensation to all eligible employees.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and all University contributions, as well as any earnings thereon.

4. Roth 401(k) Contribution: The text does not mention Roth 401(k) contributions.

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