SAN DIEGO SYMPHONY 403(B) PLAN Contribution & Employer Match
SAN DIEGO SYMPHONY 403(B) PLAN Contribution & Employer Match
SAN DIEGO SYMPHONY ORCHESTRA ASSOCIATION provides the following retirement savings benefits to its employees:
SAN DIEGO SYMPHONY 403(B) PLAN Average Participant Retirement Account Value
SAN DIEGO SYMPHONY 403(B) PLAN Estimated Average Employee Contribution Amount
144,481.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,257.00 in SAN DIEGO SYMPHONY 403(B) PLAN, assuming a 10%* annual return.
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 SAN DIEGO SYMPHONY 403(B) 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’.
SAN DIEGO SYMPHONY 403(B) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a portion of their salary up to the limits imposed by Section 402(g) of the IRC.
2. Employer Match/Contribution Conditions: The Employer is not allowed to make any contributions to the Plan.
3. Vesting Schedule/Eligibility: Participant contributions, rollovers, and net earnings on these contributions are fully vested when made or earned. All employees of the Employer, excluding those eligible to make salary reduction deferrals to another plan of the Employer, are eligible to participate in the Plan upon employment.
4. Roth 401(k) Contribution: Participants may elect to make Roth contributions to the Plan.
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