PRINCETON UNIVERSITY RETIREMENT PLAN Contribution & Employer Match
PRINCETON UNIVERSITY RETIREMENT PLAN Contribution & Employer Match
PRINCETON UNIVERSITY provides the following retirement savings benefits to its employees:
PRINCETON UNIVERSITY RETIREMENT PLAN Average Participant Retirement Account Value
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 PRINCETON UNIVERSITY 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’.
PRINCETON UNIVERSITY RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,067.00 for 20 years would give you extra $324,300.00, assuming a 10% annual return.
PRINCETON UNIVERSITY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: The plan does not require employee contributions; it is a noncontributory plan for employees.
2. Employer Match/Contribution Conditions: The University makes monthly contributions of 9.3% of compensation up to the Social Security Wage Base and 15% of compensation in excess of the Social Security Wage Base. Contributions may not exceed the lesser of 100% of an employee’s compensation or $61,000, adjusted for cost-of-living increases.
3. Vesting Schedule/Eligibility: Participants are fully vested after completing two and one-half years of service, reaching age 65, upon death, or when beginning to receive long-term disability benefits. Eligibility requires being employed at 50% or greater duty-time for five months or completing one thousand hours of service in a twelve-month period.
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