RETIREMENT PLAN FOR ALFRED UNIVERSITY Contribution & Employer Match
RETIREMENT PLAN FOR ALFRED UNIVERSITY Contribution & Employer Match
ALFRED UNIVERSITY HUMAN RESOURCE OFFICE provides the following retirement savings benefits to its employees:
RETIREMENT PLAN FOR ALFRED UNIVERSITY Average Participant Retirement Account Value
RETIREMENT PLAN FOR ALFRED UNIVERSITY Estimated Average Employee Contribution Amount
102,181.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,596.00 in RETIREMENT PLAN FOR ALFRED UNIVERSITY, 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 RETIREMENT PLAN FOR ALFRED UNIVERSITY
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’.
RETIREMENT PLAN FOR ALFRED UNIVERSITY Total Employer Contribution and Match Rate
RETIREMENT PLAN FOR ALFRED UNIVERSITY Estimated Average Employer Match
Investing in this additonal $800.00 for 20 years would give you extra $51,200.00, assuming a 10% annual return.
RETIREMENT PLAN FOR ALFRED UNIVERSITY Contribution & Match Policy
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