UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Contribution & Employer Match

UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Contribution & Employer Match

UNIVERSAL TECHNICAL INSTITUTE, INC. provides the following retirement savings benefits to its employees:

UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN is $65,951.00

UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN is $7,361.00. 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.
471,153.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,361.00 in UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) 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 UNIVERSAL TECHNICAL INSTITUTE, INC. 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’.

UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN allocates $2,734,619.00 to match its employees' contributions, providing an employer match rate of 16.85% of their contributions

UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN is approximately $1,134.00
Investing in this additonal $1,134.00 for 20 years would give you extra $72,590.00, assuming a 10% annual return.

UNIVERSAL TECHNICAL INSTITUTE, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1% to 75% of their eligible earnings to the plan.

2. Employer Match/Contribution Conditions: The employer matches 25% of the first 6% of eligible earnings contributed to the plan on a per paycheck basis.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 33% vested after one year, 67% vested after two years, and 100% vested after three years of service. Eligibility requires completion of 90 days of continuous service.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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