DNV GL USA, INC. 401(K) PLAN Contribution & Employer Match

DNV GL USA, INC. 401(K) PLAN Contribution & Employer Match

DNV GL USA, INC. provides the following retirement savings benefits to its employees:

DNV GL USA, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DNV GL USA, INC. 401(K) PLAN is $176,761.00

DNV GL USA, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DNV GL USA, INC. 401(K) PLAN is $7,559.00. 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.
483,788.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,559.00 in DNV GL USA, INC. 401(K) 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 DNV GL USA, INC. 401(K) 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’.

DNV GL USA, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, DNV GL USA, INC. 401(K) PLAN allocates $9,724,651.00 to match its employees' contributions, providing an employer match rate of 52.10% of their contributions

DNV GL USA, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DNV GL USA, INC. 401(K) PLAN is approximately $3,767.00
Investing in this additonal $3,767.00 for 20 years would give you extra $241,138.00, assuming a 10% annual return.

DNV GL USA, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 75% of eligible compensation to the plan.

2. Employer Match/Contribution Conditions: The employer makes non-discretionary matching contributions of 50% of the first 8% of eligible participants’ deferrals for a maximum match of 4% of eligible compensation. DNV GL USA, Inc. employees who were formerly GL USA employees hired prior to January 1, 2015 receive a match of 100% on the first 8% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants vest 25% after one year of service, 50% after two years of service, and are 100% vested after three years of service. A participant shall be immediately vested upon death, retirement, early retirement date (age 55), or disability.

4. Roth 401(k) Contribution: The plan allows for Roth salary deferral contributions.

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