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NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

NABORS INDUSTRIES, INC. provides the following retirement savings benefits to its employees:

NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN is $50,342.00

NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN is $3,291.00. 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.
210,647.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,291.00 in NABORS INDUSTRIES, INC. 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 NABORS INDUSTRIES, INC. 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’.

NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN allocates $12,476,600.00 to match its employees' contributions, providing an employer match rate of 64.90% of their contributions

NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN is approximately $1,868.00
Investing in this additonal $1,868.00 for 20 years would give you extra $119,589.00, assuming a 10% annual return.

NABORS INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each participant may elect to defer his or her base and overtime pay, on a pre-tax basis, of at least 1% and not more than 40%.

2. Employer Match/Contribution Conditions: The Company makes matching contributions equal to 100% of an employee’s pre-tax or Roth contributions, including catch-up contributions, for the first 5% of the employee’s eligible compensation for each pay period.

3. Vesting Schedule/Eligibility: All employer contributions and earnings thereon are fully vested. Eligible employees must be age eighteen or older, employed by a participating subsidiary, not be a leased or contract employee, and not be covered by a collective bargaining agreement. Eligible employees may begin participating in the plan on their date of hire.

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

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