ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Employer Match
How ROANOKE COLLEGE Supports Your Retirement Savings
ROANOKE COLLEGE provides retirement savings benefits through ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employee Contribution Amount
42,708.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 667.00 in ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Total Employer Contribution and Match Rate
ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $422.00 for 20 years would give you extra $27,021.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Contribution & Match Policy
ROANOKE COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN Contribution, Match and Other Plan Policies
- Each year, participants may contribute a portion of their compensation as a pre-tax or Roth deferral as defined by the Plan, up to the maximum allowed by the Internal Revenue Code (IRC).
- Participants may also contribute amounts representing distributions from certain other qualified plans.
- The College’s contribution to the Plan is discretionary.
- During 2023, the Board increased the pay-period discretionary contribution to 4% of eligible compensation, effective July 14, 2023 for biweekly paid staff, July 31, 2023 for monthly paid staff, and September 29, 2023 for faculty.
- Participants are immediately vested in their contributions and the College portion of their account plus actual earnings thereon.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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