RETIREMENT INCOME PLAN FOR TEACHING FACULTY OF HARVARD UNIVERSITY Contribution & Employer Match
RETIREMENT INCOME PLAN FOR TEACHING FACULTY OF HARVARD UNIVERSITY Contribution & Employer Match
PRESIDENT & FELLOWS OF HARVARD COLLEGE HARVARD HUMAN RESOURCES, BENEFI provides the following retirement savings benefits to its employees:
RETIREMENT INCOME PLAN FOR TEACHING FACULTY OF HARVARD UNIVERSITY 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 RETIREMENT INCOME PLAN FOR TEACHING FACULTY OF HARVARD UNIVERSITY
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’.
RETIREMENT INCOME PLAN FOR TEACHING FACULTY OF HARVARD UNIVERSITY Estimated Average Employer Match
Investing in this additonal $6,611.00 for 20 years would give you extra $423,134.00, assuming a 10% annual return.
RETIREMENT INCOME PLAN FOR TEACHING FACULTY OF HARVARD UNIVERSITY Contribution & Match Policy
1. Employer Match/Contribution Conditions: Contributions equal to 5% of Plan compensation up to the Social Security wage base plus 10% of Plan compensation in excess of the Social Security wage base for participants under age 40; 10% and 15% for those age 40 and above.
2. Vesting Schedule/Eligibility: Participants generally become vested upon completing three years of service, attaining age 65 while employed, incurring total disability while employed, or dying while employed; eligibility after six months of service or completion of 1,000 hours of service in a computation period.
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