THE TRAVELERS 401(K) SAVINGS PLAN Contribution & Employer Match

THE TRAVELERS 401(K) SAVINGS PLAN Contribution & Employer Match

TRAVELERS COMPANIES, INC. provides the following retirement savings benefits to its employees:

THE TRAVELERS 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE TRAVELERS 401(K) SAVINGS PLAN is $224,164.00

THE TRAVELERS 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE TRAVELERS 401(K) SAVINGS PLAN is $8,133.00. 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.
520,544.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,133.00 in THE TRAVELERS 401(K) SAVINGS 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 THE TRAVELERS 401(K) SAVINGS 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’.

THE TRAVELERS 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE TRAVELERS 401(K) SAVINGS PLAN allocates $145,806,027.00 to match its employees' contributions, providing an employer match rate of 45.30% of their contributions

THE TRAVELERS 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE TRAVELERS 401(K) SAVINGS PLAN is approximately $3,546.00
Investing in this additonal $3,546.00 for 20 years would give you extra $226,979.00, assuming a 10% annual return.

THE TRAVELERS 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 75% of their eligible compensation, subject to a statutory limitation of $20,500, with an additional $6,500 for catch-up contributions for those age 50 or older.

2. Employer Match/Contribution Conditions: The employer matches 100% of the participant’s contributions up to the first 5% of annual eligible pay, with a maximum annual match of $7,000.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their own contributions and supplemental contributions. The employer matching contributions vest after three years of service. Participants also become fully vested upon reaching age 62 while employed, terminating due to a disability, dying prior to termination, or upon termination of the Plan.

4. The Plan allows for Roth 401(k) contributions.

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