BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Contribution & Employer Match
BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Contribution & Employer Match
BROWN UNIVERSITY provides the following retirement savings benefits to its employees:
BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Average Participant Retirement Account Value
BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Estimated Average Employee Contribution Amount
124,026.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,937.00 in BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT 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 BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT 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’.
BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Total Employer Contribution and Match Rate
BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,879.00 for 20 years would give you extra $120,286.00, assuming a 10% annual return.
BROWN UNIVERSITY DEFINED CONTRIBUTION LEGACY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of pretax compensation, not to exceed the maximum annual contribution allowed by the Internal Revenue Code (IRC).
2. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions plus earnings thereon. Eligible employees must have six months of service and work 1,000 or more hours in a year to receive employer contributions.
3. The plan allows Roth 401(k) contributions.
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