PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Contribution & Employer Match

PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Contribution & Employer Match

PENSACOLA CHRISTIAN COLLEGE, provides the following retirement savings benefits to its employees:

PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN is $64,109.00

PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN is $2,026.00. 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.
129,720.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,026.00 in PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN, 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 PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN

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’.

PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Total Employer Contribution and Match Rate

In 2021, PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN allocates $2,086,804.00 to match its employees' contributions, providing an employer match rate of 81.13% of their contributions

PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN is approximately $1,644.00
Investing in this additonal $1,644.00 for 20 years would give you extra $105,244.00, assuming a 10% annual return.

PENSACOLA CHRISTIAN COLLEGE, INC. 401(K) RETIREMEN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their pay into an elective deferral account on a pre‐tax or post‐tax basis, subject to the limitations specified in the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of the participant’s voluntary contributions for employees with zero to five years of service, and 100% of the first 5% of contributions for employees with over five years of service.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their voluntary contributions, Company contributions, and any earnings thereon. Employees are eligible to participate upon commencement of employment and attaining the age of 21.

4. Roth 401(k) Contribution: Participants are permitted to defer a percentage of their pay into an elective deferral account on a pre‐tax or post‐tax basis.

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