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COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Contribution & Employer Match

COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Contribution & Employer Match

COGNIZANT TECHNOLOGY SOLUTIONS provides the following retirement savings benefits to its employees:

COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN is $36,653.00

COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN is $4,301.00. 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.
275,285.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,301.00 in COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS 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 COGNIZANT TECHNOLOGY SOLUTIONS 401(K) 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’.

COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN allocates $112,210,626.00 to match its employees' contributions, providing an employer match rate of 43.83% of their contributions

COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN is approximately $1,500.00
Investing in this additonal $1,500.00 for 20 years would give you extra $96,019.00, assuming a 10% annual return.

COGNIZANT TECHNOLOGY SOLUTIONS 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution

  • Contribution Limit: Participants may contribute up to 75% of their pretax annual compensation.
  • Roth Contributions: Allowed; participants can make after-tax Roth contributions.
  • Catch-Up Contributions: Available for participants aged 50 or older before the end of the Plan year.

2. Employer Match

  • Discretionary Matching Contributions: The Company may elect to provide matching contributions.
  • 2023 Match Details:
    • 50% match of employee contributions, up to 6% of eligible compensation deferred each pay period.
    • An additional 50% match on the first 2% of employee contributions for the entire year.

3. Profit Sharing Contributions

  • Discretionary Profit Sharing: The Company may make profit-sharing contributions based on participant compensation.
  • 2023 Contributions: None were made for the year ended December 31, 2023.

This summarizes the key policies regarding employee contributions, employer matching, and the allowance of Roth contributions in the 401(k) plan.

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