UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Contribution & Employer Match
UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Contribution & Employer Match
UNIVERSITY OF THE PACIFIC provides the following retirement savings benefits to its employees:
UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value
UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Estimated Average Employee Contribution Amount
200,344.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,130.00 in UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN, 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 UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION 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’.
UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Total Employer Contribution and Match Rate
UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $3,112.00 for 20 years would give you extra $199,230.00, assuming a 10% annual return.
UNIVERSITY OF THE PACIFIC DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Eligible employees of the GRA contribute 5% of their eligible compensation.
2. Employer Match/Contribution Conditions: The Sponsor contribution is 10% of eligible compensation, subject to certain IRC limitations.
3. Vesting Schedule/Eligibility: Participants are 100% vested in all contributions made to the Plan, plus actual earnings thereon. All employees of the Sponsor who are at least 21 years of age are required to participate in the Plan on the first day of the following month as a condition of employment.
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