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HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Contribution & Employer Match

HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Contribution & Employer Match

PRESIDENT & FELLOWS OF HARVARD COLLEGE HARVARD HUMAN RESOURCES, BENEFI provides the following retirement savings benefits to its employees:

HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN is $104,825.00

HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN is $4,738.00. 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.
303,264.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,738.00 in HARVARD UNIVERSITY TAX DEFERRED ANNUITY 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 HARVARD UNIVERSITY TAX DEFERRED ANNUITY 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’.

HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Total Employer Contribution and Match Rate

In 2023, HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN allocates $850.00 to match its employees' contributions, providing an employer match rate of 0.00% of their contributions

HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN is approximately $0.00
Investing in this additonal $0.00 for 20 years would give you extra $1.00, assuming a 10% annual return.

HARVARD UNIVERSITY TAX DEFERRED ANNUITY PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute part of their salary, with auto-enrollment at a 3% contribution rate, increasing by 1% until reaching 10% of eligible contributions.

2. Employer Match/Contribution Conditions: The University does not make any non-elective contributions to the Plan; however, there is a one-time special employer contribution of $500 to eligible members of the Harvard Union of Clerical and Technical Workers.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their accumulations under the Plan. All employees (except students and nonresident aliens with no U.S. source income) are eligible to participate.

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