NEW YORK UNIVERSITY SUPPLEMENTAL TAX DEFERRED ANNUITY PLAN Contribution & Employer Match
NEW YORK UNIVERSITY SUPPLEMENTAL TAX DEFERRED ANNUITY PLAN Contribution & Employer Match
NEW YORK UNIVERSITY provides the following retirement savings benefits to its employees:
NEW YORK UNIVERSITY SUPPLEMENTAL TAX DEFERRED ANNUITY PLAN Average Participant Retirement Account Value
NEW YORK UNIVERSITY SUPPLEMENTAL TAX DEFERRED ANNUITY PLAN Estimated Average Employee Contribution Amount
51,496.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 804.00 in NEW YORK UNIVERSITY SUPPLEMENTAL TAX DEFERRED ANNUITY 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 NEW YORK UNIVERSITY SUPPLEMENTAL 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’.
NEW YORK UNIVERSITY SUPPLEMENTAL TAX DEFERRED ANNUITY PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary up to the IRS limit, which is $20,500 in 2022 and $19,500 in 2021, plus additional catch-up contributions for those aged 50 and over, up to $6,500 in both 2022 and 2021.
2. Employer Match/Contribution Conditions: The text does not specify employer match or contribution conditions.
3. Vesting Schedule/Eligibility: There is no vesting schedule; all participants are fully vested in their account balances immediately upon entering the Plan. Eligibility is achieved immediately upon hire for all employees of NYU, except for certain categories specified.
4. Roth 401(k) Contribution: Participants can make rollover contributions from Roth 403(b) accounts.
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