COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Contribution & Employer Match
COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Contribution & Employer Match
THE COLORADO SPRINGS SCHOOL provides the following retirement savings benefits to its employees:
COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value
COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Estimated Average Employee Contribution Amount
69,450.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,085.00 in COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION 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 COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION 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’.
COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Total Employer Contribution and Match Rate
COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $612.00 for 20 years would give you extra $39,169.00, assuming a 10% annual return.
COLORADO SPRINGS SCHOOL 403(B) DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to any percentage of pretax annual compensation as long as these contributions do not exceed the dollar limits set by law for a particular year.
2. Employer Match/Contribution Conditions: The employer will match contributions equal to 100% of the employee's elective deferrals not to exceed 5% of the employee's compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions, employer matching contributions, and actual earnings thereon. Eligibility for matching contributions requires reaching the age of twenty-one and completing two years of service, where a year of service is defined as a twelve-month period including at least 1,000 hours of service.
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