NORDSTROM 401K PLAN Contribution & Employer Match
NORDSTROM 401K PLAN Contribution & Employer Match
NORDSTROM, INC. provides the following retirement savings benefits to its employees:
NORDSTROM 401K PLAN Average Participant Retirement Account Value
NORDSTROM 401K PLAN Estimated Average Employee Contribution Amount
109,069.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,704.00 in NORDSTROM 401K 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 NORDSTROM 401K 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’.
NORDSTROM 401K PLAN Total Employer Contribution and Match Rate
NORDSTROM 401K PLAN Estimated Average Employer Match
Investing in this additonal $624.00 for 20 years would give you extra $39,940.00, assuming a 10% annual return.
NORDSTROM 401K PLAN Contribution & Match Policy
1. Employee Contribution Rates: Eligible employees may elect to defer up to 50% of eligible compensation.
2. Employer Match/Contribution Conditions: The Company matches employee contributions dollar for dollar on the first 1% of eligible compensation and 50 cents per dollar on the next 6% of eligible compensation, up to a total of 4% of eligible compensation.
3. Vesting Schedule/Eligibility: Company matching contributions are 100% vested after completion of two years of service, with a year of service defined as any year in which an employee works at least 1,000 hours.
4. It allows Roth 401(k) contribution.
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