SALLIE MAE 401(K) SAVINGS PLAN Contribution & Employer Match

How SLM CORPORATION Supports Your Retirement Savings

SLM CORPORATION provides retirement savings benefits through SALLIE MAE 401(K) SAVINGS 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.

SALLIE MAE 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for SALLIE MAE 401(K) SAVINGS PLAN is $132,120.00

SALLIE MAE 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for SALLIE MAE 401(K) SAVINGS PLAN is $7,034.00. 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.
450,237.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,034.00 in SALLIE MAE 401(K) SAVINGS PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in SALLIE MAE 401(K) SAVINGS 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.

SALLIE MAE 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2024, SALLIE MAE 401(K) SAVINGS PLAN allocates $8,962,142.00 to match its employees’ contributions, providing an employer match rate of 57.11% of their contributions

SALLIE MAE 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in SALLIE MAE 401(K) SAVINGS PLAN is approximately $3,894.00
Investing in this additonal $3,894.00 for 20 years would give you extra $249,272.00, 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.

SALLIE MAE 401(K) SAVINGS PLAN Contribution & Match Policy

SALLIE MAE 401(K) SAVINGS PLAN Plan Policies

SALLIE MAE 401(K) SAVINGS PLAN Contribution, Match and Other Plan Policies

  • Participants are eligible to contribute from 1 to 75 percent of their eligible compensation to the Plan, in increments of whole percentages, up to the Internal Revenue Service (IRS) maximum of $23,000 for 2024.
  • The Plan allows participants who will attain age 50 in the current Plan year to make catch-up contributions into the Plan up to the IRS maximum of $7,500 for 2024.
  • The Plan also has an employee Roth contribution election option, post-tax contribution election options, and auto enrollment at a five percent contribution rate for newly hired or rehired employees.
  • The Company matching contribution after six months of service is 100 percent on the first five percent of a Participant’s contributions.
  • The Company also contributes an additional amount, as a true-up contribution, to the extent necessary to ensure that the aggregate amount of matching contributions for the year is equal to the lesser of (i) five percent of each Participant’s eligible compensation, which equates to a cap of $17,250 or (ii) 100 percent of each Participant’s contributions.
  • Participants are vested immediately in their individual contributions plus actual earnings thereon.
  • Participants are 100 percent vested in the Company’s matching contributions immediately.

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:

 20242025
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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