WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Contribution & Employer Match

WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Contribution & Employer Match

WASHINGTON UNIVERSITY IN ST. LOUIS provides the following retirement savings benefits to its employees:

WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN is $182,478.00

WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN is $5,258.00. 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.
336,562.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,258.00 in WASHINGTON UNIVERSITY RETIREMENT SAVINGS 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 WASHINGTON UNIVERSITY RETIREMENT SAVINGS 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’.

WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN allocates $135,469,420.00 to match its employees' contributions, providing an employer match rate of 78.94% of their contributions

WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN is approximately $3,666.00
Investing in this additonal $3,666.00 for 20 years would give you extra $234,687.00, assuming a 10% annual return.

WASHINGTON UNIVERSITY RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 0 to 80 percent of their eligible pay, with an automatic contribution rate set at 3 percent, increasing up to a maximum of 15 percent annually.

2. Employer Match/Contribution Conditions: A minimum employee contribution of 5% is required to receive the Employer contribution.

3. Vesting Schedule/Eligibility: Employer contributions are generally provided after two years of service. As of July 1, 2023, new employees are eligible to receive employer contributions without the two-year waiting period, but a three-year vesting requirement applies.

4. Roth 401(k) Contribution: The text does not specify if Roth 401(k) contributions are allowed.

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