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OPENAI LP 401(K) PLAN Contribution & Employer Match

OPENAI LP 401(K) PLAN Contribution & Employer Match

OPENAI LP provides the following retirement savings benefits to its employees:

OPENAI LP 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OPENAI LP 401(K) PLAN is $89,017.00

OPENAI LP 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OPENAI LP 401(K) PLAN is $30,973.00. 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.
1,982,301.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 30,973.00 in OPENAI LP 401(K) 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 OPENAI LP 401(K) 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’.

OPENAI LP 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, OPENAI LP 401(K) PLAN allocates $5,120,414.00 to match its employees' contributions, providing an employer match rate of 60.22% of their contributions

OPENAI LP 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OPENAI LP 401(K) PLAN is approximately $13,334.00
Investing in this additonal $13,334.00 for 20 years would give you extra $853,402.00, assuming a 10% annual return.

OPENAI LP 401(K) PLAN Contribution & Match Policy

Employee Contributions:

  • Participants can contribute up to 100% of annual compensation through pre-tax salary reductions or Roth post-tax deductions.
  • Participants aged 50 and above can make additional catch-up contributions.
  • Participants can contribute rollovers from other qualified defined contribution or defined benefit plans.
  • Automatic enrollment is set at 4% of compensation, unless participants opt-out or choose a different rate.
  • Participants can adjust their deferral rate or discontinue contributions at any time.

Employer Match (Company Contributions):

  • The Company makes safe harbor contributions equal to 100% of participant contributions, up to 4% of participant total annual compensation.
  • The Company may also make discretionary profit-sharing contributions, but none were made in 2023.

Vesting Periods:

  • Participants are fully (100%) vested in their account balances immediately, with no vesting period.

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