NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Contribution & Employer Match

NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Contribution & Employer Match

NATURAL RESOURCES DEFENSE COUNCIL, INC. provides the following retirement savings benefits to its employees:

NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN is $211,093.00

NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN is $8,873.00. 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.
567,910.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,873.00 in NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY 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 NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY 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’.

NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN allocates $8,986,831.00 to match its employees' contributions, providing an employer match rate of 98.04% of their contributions

NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN is approximately $9,132.00
Investing in this additonal $9,132.00 for 20 years would give you extra $584,509.00, assuming a 10% annual return.

NATURAL RESOURCES DEFENSE COUNCIL TAX DEFERRED ANNUITY RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary through elective pre-tax and Roth deferral contributions, up to a maximum of 10% of compensation.

2. Employer Match/Contribution Conditions: The employer matches 1% of the employee’s deferral if the deferral is 3% or more of eligible compensation and the employee has reached two years of service.

3. Vesting Schedule/Eligibility: The vesting schedule for employer non-elective contributions is as follows: 0% vesting with less than 1 year of service, 50% vesting with 1 but less than 2 years of service, and 100% vesting with 2 or more years of service. Non-elective contributions become fully vested if the participant is employed at age 65, leaves due to disability, or dies while employed.

4. Roth 401(k) contribution: Yes, the plan allows Roth 401(k) contributions.

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