SAVINGS PLAN FOR EMPLOYEES AT ORNL Contribution & Employer Match

SAVINGS PLAN FOR EMPLOYEES AT ORNL Contribution & Employer Match

UT-BATTELLE, LLC provides the following retirement savings benefits to its employees:

SAVINGS PLAN FOR EMPLOYEES AT ORNL Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SAVINGS PLAN FOR EMPLOYEES AT ORNL is $191,544.00

SAVINGS PLAN FOR EMPLOYEES AT ORNL Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SAVINGS PLAN FOR EMPLOYEES AT ORNL is $9,315.00. 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.
596,194.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,315.00 in SAVINGS PLAN FOR EMPLOYEES AT ORNL, 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 SAVINGS PLAN FOR EMPLOYEES AT ORNL

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’.

SAVINGS PLAN FOR EMPLOYEES AT ORNL Total Employer Contribution and Match Rate

In 2023, SAVINGS PLAN FOR EMPLOYEES AT ORNL allocates $20,208,878.00 to match its employees' contributions, providing an employer match rate of 27.81% of their contributions

SAVINGS PLAN FOR EMPLOYEES AT ORNL Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SAVINGS PLAN FOR EMPLOYEES AT ORNL is approximately $2,461.00
Investing in this additonal $2,461.00 for 20 years would give you extra $157,535.00, assuming a 10% annual return.

SAVINGS PLAN FOR EMPLOYEES AT ORNL Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute 1 percent to 75 percent of eligible earnings each pay period (or 16 percent for highly compensated employees, 19 percent effective February 1, 2023).

2. Employer Match/Contribution Conditions: Contributions will be matched at a rate of 50 percent of the first 6 percent of eligible earnings, for a maximum company match of 3 percent of eligible earnings. Contributions above 6 percent are not eligible for Company matching contributions.

3. Vesting Schedule/Eligibility: Company matching contributions become 100 percent vested after three years of service; at age 65 while a Company employee; upon retirement and eligibility to receive an immediate pension; or upon departure from the Company because of permanent disability, death, or involuntary termination for reasons other than cause.

4. Roth 401(k) Contribution: Yes, employee contributions to the Plan may be made on a Roth basis.

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