CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Contribution & Employer Match

CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Contribution & Employer Match

CHESAPEAKE BAY FOUNDATION, INC. provides the following retirement savings benefits to its employees:

CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN is $120,839.00

CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN is $3,250.00. 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.
208,042.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,250.00 in CHESAPEAKE BAY FOUNDATION, INC. 403(B) 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 CHESAPEAKE BAY FOUNDATION, INC. 403(B) 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’.

CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Total Employer Contribution and Match Rate

In 2023, CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN allocates $556,285.00 to match its employees' contributions, providing an employer match rate of 50.93% of their contributions

CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN is approximately $1,898.00
Investing in this additonal $1,898.00 for 20 years would give you extra $121,509.00, assuming a 10% annual return.

CHESAPEAKE BAY FOUNDATION, INC. 403(B) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to defer an amount of pre-tax compensation up to the annual IRS deferral limit.

2. Employer Match/Contribution Conditions: The employer contributes a safe harbor matching contribution equal to 100% of the employee elected deferral, not to exceed 4% of compensation as defined by the Plan.

3. Vesting Schedule/Eligibility: Participants are fully vested in their elective deferral contributions, employer safe harbor matching contributions, plus actual earnings thereon. An employee is eligible to participate in the employer portion of the Plan immediately once they have attained age 21 and completed six (6) months of service or 1,000 hours.

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