YALE UNIVERSITY TAX-DEFERRED 403(B) SAVINGS PLAN Contribution & Employer Match
YALE UNIVERSITY TAX-DEFERRED 403(B) SAVINGS PLAN Contribution & Employer Match
YALE UNIVERSITY provides the following retirement savings benefits to its employees:
YALE UNIVERSITY TAX-DEFERRED 403(B) SAVINGS PLAN Average Participant Retirement Account Value
YALE UNIVERSITY TAX-DEFERRED 403(B) SAVINGS PLAN Estimated Average Employee Contribution Amount
18,476.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 288.00 in YALE UNIVERSITY TAX-DEFERRED 403(B) SAVINGS 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 YALE UNIVERSITY TAX-DEFERRED 403(B) 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’.
YALE UNIVERSITY TAX-DEFERRED 403(B) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 75 percent of eligible compensation.
2. Employer Match/Contribution Conditions: There are no university contributions.
3. Vesting Schedule/Eligibility: A participant is immediately vested in 100 percent of their contributions and the earnings of their account. Eligibility includes employees who have completed at least one hour of employment and are not participating in another defined contribution plan sponsored by the university.
4. Roth 401(k) Contribution: Effective July 1, 2015, participants can elect to have their contributions made to the Plan on a Roth 403(b) after-tax basis.
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