WEILL CORNELL MEDICAL COLLEGE RETIREMENT PLAN FOR FACULTY AND EXEMPT EMPLOYEES Contribution & Employer Match
WEILL CORNELL MEDICAL COLLEGE RETIREMENT PLAN FOR FACULTY AND EXEMPT EMPLOYEES Contribution & Employer Match
CORNELL UNIVERSITY provides the following retirement savings benefits to its employees:
WEILL CORNELL MEDICAL COLLEGE RETIREMENT PLAN FOR FACULTY AND EXEMPT EMPLOYEES Average Participant Retirement Account Value
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 WEILL CORNELL MEDICAL COLLEGE RETIREMENT PLAN FOR FACULTY AND EXEMPT EMPLOYEES
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’.
WEILL CORNELL MEDICAL COLLEGE RETIREMENT PLAN FOR FACULTY AND EXEMPT EMPLOYEES Estimated Average Employer Match
Investing in this additonal $6,834.00 for 20 years would give you extra $437,421.00, assuming a 10% annual return.
WEILL CORNELL MEDICAL COLLEGE RETIREMENT PLAN FOR FACULTY AND EXEMPT EMPLOYEES Contribution & Match Policy
1. Employee Contribution Rates: Participants' contributions to the Plan are neither required nor permitted.
2. Employer Match/Contribution Conditions: The employer contributions are based on the employee’s age and pensionable salaries, with percentages ranging from 5% to 20% depending on age and salary level.
3. Vesting Schedule/Eligibility: Participants hired before January 9, 2012, are fully vested upon becoming eligible. Participants hired or rehired on or after January 9, 2012, will be vested upon completion of three years of service.
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