MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match

MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match

MONMOUTH UNIVERSITY, INC. provides the following retirement savings benefits to its employees:

MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN is $188,782.00

MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN is $3,636.00. 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.
232,742.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,636.00 in MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT 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 MONMOUTH UNIVERSITY DEFINED CONTRIBUTION 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’.

MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN allocates $5,271,633.00 to match its employees' contributions, providing an employer match rate of 81.58% of their contributions

MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN is approximately $2,951.00
Investing in this additonal $2,951.00 for 20 years would give you extra $188,905.00, assuming a 10% annual return.

MONMOUTH UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute any whole percentage of gross compensation between 1% and 100%, limited by tax and benefit deductions, with a minimum contribution of 5% of eligible compensation per pay period.

2. Employer Match/Contribution Conditions: The employer contributes 8% for eligible participants after two years of service. No employer contributions are made to participants who defer less than 5%, decide not to participate, are covered by a collective bargaining agreement that does not provide matching contributions, or are in an excluded job classification.

3. Vesting Schedule/Eligibility: Participants are fully and immediately vested in the benefits arising from contributions. Eligibility for employer contributions requires completion of two years of service and being in a non-excluded job classification.

4. Roth 401(k) Contribution: Allows after-tax salary deductions, indicating the availability of Roth contributions.

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