THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Contribution & Employer Match

THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Contribution & Employer Match

THE PRINCIPIA CORPORATION provides the following retirement savings benefits to its employees:

THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF is $101,920.00

THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF is $2,672.00. 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.
171,027.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,672.00 in THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF, 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 THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF

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’.

THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Total Employer Contribution and Match Rate

In 2023, THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF allocates $1,507,116.00 to match its employees' contributions, providing an employer match rate of 47.53% of their contributions

THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF is approximately $1,279.00
Investing in this additonal $1,279.00 for 20 years would give you extra $81,880.00, assuming a 10% annual return.

THE PRINCIPIA CORPORATION RETIREMENT PLAN FOR FACULTY & STAFF Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute at least 2% of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer matches 6% of employee contributions, up to a maximum of $4,500.

3. Vesting Schedule/Eligibility: Participants are 100 percent vested immediately with respect to both employer and participant contributions. There are no specified years of service or hours worked mentioned for eligibility.

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