THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Contribution & Employer Match

THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Contribution & Employer Match

THE WILLIAM AND FLORA HEWLETT FOUNDATION provides the following retirement savings benefits to its employees:

THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN is $385,147.00

THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN is $8,874.00. 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.
567,986.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,874.00 in THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) 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 WILLIAM AND FLORA HEWLETT FOUNDATION 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’.

THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Total Employer Contribution and Match Rate

In 2023, THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN allocates $3,347,275.00 to match its employees' contributions, providing an employer match rate of 160.50% of their contributions

THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN is approximately $13,662.00
Investing in this additonal $13,662.00 for 20 years would give you extra $874,390.00, assuming a 10% annual return.

THE WILLIAM AND FLORA HEWLETT FOUNDATION 403(B) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible pre-tax compensation, not to exceed the amount allowable under current income tax regulations.

2. Employer Match/Contribution Conditions: The employer will automatically deposit a discretionary (basic) contribution amount equal to 7% of monthly base compensation, plus a safe harbor matching contribution equal to 200% of elective deferrals that do not exceed 4% of total eligible compensation for the pay period.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their employee contributions. The portion of the accounts attributable to the Foundation’s basic and matching contributions becomes immediately vested after meeting the eligibility requirement of six months of service.

4. Roth 401(k) Contribution: The Plan allows for Roth contributions and in-plan Roth rollovers.

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