THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Contribution & Employer Match

THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Contribution & Employer Match

THE SOLOMON R. GUGGENHEIM FOUNDATION provides the following retirement savings benefits to its employees:

THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN is $73,154.00

THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN is $2,518.00. 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.
161,209.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,518.00 in THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) 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 THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) 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’.

THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN allocates $777,353.00 to match its employees' contributions, providing an employer match rate of 44.89% of their contributions

THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN is approximately $1,129.00
Investing in this additonal $1,129.00 for 20 years would give you extra $72,311.00, assuming a 10% annual return.

THE SOLOMON R. GUGGENHEIM FOUNDATION 403(B) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible participants may contribute a portion of their annual compensation on a pre-tax or after-tax (Roth) basis, subject to a maximum amount determined by the IRS.

2. Employer Match/Contribution Conditions: The Plan provided a non-elective employer contribution of 3% of eligible compensation and a matching contribution that is the minimum of a) 50% of employee elective deferrals or 50% of the first 5% of eligible compensation for eligible employees.

3. Vesting Schedule/Eligibility: A participant is 100% vested in their accounts at all times. Eligible employees must complete two years of service (1,000 hours) to qualify for employer contributions.

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

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