NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Contribution & Employer Match

NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Contribution & Employer Match

NATIONAL UNIVERSITY provides the following retirement savings benefits to its employees:

NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN is $56,743.00

NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN is $3,911.00. 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.
250,356.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,911.00 in NATIONAL UNIVERSITY RETIREMENT 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 NATIONAL UNIVERSITY RETIREMENT 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’.

NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN allocates $10,242,376.00 to match its employees' contributions, providing an employer match rate of 66.82% of their contributions

NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN is approximately $2,121.00
Investing in this additonal $2,121.00 for 20 years would give you extra $135,801.00, assuming a 10% annual return.

NATIONAL UNIVERSITY RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100 percent of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches contributions based on a uniform percentage of each participant’s eligible wages, as follows:

3. - 1% participant deferral = 2% employer match

4. - 2% participant deferral = 3% employer match

5. - 3% participant deferral = 4% employer match

6. - 4% participant deferral = 5% employer match

7. - 5% participant deferral = 6% employer match

8. - 6% or more participant deferral = 7% employer match

9. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, rollover contributions, and employer matching contributions. Employees who have reached age 18 and completed one year of service in which they have worked 1,000 hours are eligible to receive matching contributions.

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