TIAA CODE SECTION 401(K) PLAN Contribution & Employer Match
TIAA CODE SECTION 401(K) PLAN Contribution & Employer Match
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA provides the following retirement savings benefits to its employees:
TIAA CODE SECTION 401(K) PLAN Average Participant Retirement Account Value
TIAA CODE SECTION 401(K) PLAN Estimated Average Employee Contribution Amount
389,596.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,087.00 in TIAA CODE SECTION 401(K) PLAN, 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 TIAA CODE SECTION 401(K) 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’.
TIAA CODE SECTION 401(K) PLAN Total Employer Contribution and Match Rate
TIAA CODE SECTION 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,729.00 for 20 years would give you extra $110,668.00, assuming a 10% annual return.
TIAA CODE SECTION 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute the lesser of 100% of their base salary or $20,500 annually.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of base salary that an employee contributes.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and actual earnings. Participants are fully vested in employer matching contributions after three years of service, reaching age 65, or upon death. All active employees are eligible to participate immediately; interns or short-term associates are eligible after 90 days of service.
4. Roth 401(k) contribution: The Plan provides a Roth 401(k) option in addition to the Traditional 401(k).
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