SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA Contribution & Employer Match
SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA Contribution & Employer Match
TRUSTEES OF THE UNIVERSITY OF PA provides the following retirement savings benefits to its employees:
SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA Average Participant Retirement Account Value
SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA Estimated Average Employee Contribution Amount
157,828.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,466.00 in SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA, 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 SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA
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’.
SUPPLEMENTAL RETIREMENT ANNUITY PLAN OF THE UNIVERSITY OF PENNSYLVANIA Contribution & Match Policy
1. Employee Contribution Rates: Participants can contribute a discretionary amount of their annual compensation, subject to the IRS maximum which was $20,500 for 2022, plus an additional $6,500 in catch-up contributions for those age 50 or older.
2. Vesting Schedule/Eligibility: A participant is fully vested in the balance of his/her account at all times.
3. Roth 401(k) Contribution: Yes, participants can designate any portion of their contributions as Roth contributions.
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