SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Contribution & Employer Match

SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Contribution & Employer Match

SOUTHERN METHODIST UNIVERSITY provides the following retirement savings benefits to its employees:

SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN is $213,776.00

SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN is $2,964.00. 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.
189,733.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,964.00 in SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 SOUTHERN METHODIST 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’.

SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN allocates $31,464,138.00 to match its employees' contributions, providing an employer match rate of 219.47% of their contributions

SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN is approximately $6,454.00
Investing in this additonal $6,454.00 for 20 years would give you extra $413,067.00, assuming a 10% annual return.

SOUTHERN METHODIST UNIVERSITY RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum allowed by the Internal Revenue Code (IRC), and all full-time employees are required to contribute five percent of their regular salary upon attainment of age 36.

2. Employer Match/Contribution Conditions: The employer matches contributions for each eligible participant who is at least 21 years of age and contributes five percent of their eligible compensation. The matching contributions are equal to eight percent of eligible compensation for participants under age 41 and 10 percent for participants age 41 or older.

3. Vesting Schedule/Eligibility: Participants are immediately and fully vested in all of their contributions plus earnings on them. Participants hired before June 1, 2010, are fully vested in SMU matching contributions. Participants hired on or after June 1, 2010, are fully vested in SMU matching contributions after three years of SMU employment.

4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.

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