NOVO NORDISK INC. 401(K) SAVINGS PLAN Contribution & Employer Match

NOVO NORDISK INC. 401(K) SAVINGS PLAN Contribution & Employer Match

NOVO NORDISK INC. provides the following retirement savings benefits to its employees:

NOVO NORDISK INC. 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NOVO NORDISK INC. 401(K) SAVINGS PLAN is $248,280.00

NOVO NORDISK INC. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NOVO NORDISK INC. 401(K) SAVINGS PLAN is $13,161.00. 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.
842,348.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,161.00 in NOVO NORDISK INC. 401(K) 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 NOVO NORDISK INC. 401(K) 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’.

NOVO NORDISK INC. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, NOVO NORDISK INC. 401(K) SAVINGS PLAN allocates $31,888,624.00 to match its employees' contributions, providing an employer match rate of 27.13% of their contributions

NOVO NORDISK INC. 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NOVO NORDISK INC. 401(K) SAVINGS PLAN is approximately $3,437.00
Investing in this additonal $3,437.00 for 20 years would give you extra $219,992.00, assuming a 10% annual return.

NOVO NORDISK INC. 401(K) SAVINGS PLAN Contribution & Match Policy

Employee Contributions

  • Before-Tax Contributions: Employees can contribute up to 50% of their annual compensation on a pre-tax basis.
  • After-Tax Contributions: Employees may contribute up to 15% of their annual compensation on an after-tax basis.
  • Catch-Up Contributions: Participants aged 50 or older can make catch-up contributions of up to:
    • $7,500 in 2023.
    • $6,500 in 2022.
  • Rollover Contributions: Employees may roll over funds from other qualified retirement plans.
  • Statutory Limits: Total contributions (before-tax and after-tax) are capped by IRS limits.
  • Automatic Enrollment:
    • Employees are automatically enrolled with a 4% pre-tax contribution unless they opt for a different rate within 60 days of hire.
    • Automatic annual increase of 1% each April 1st (up to 10%) unless the employee opts out.
    • Re-enrollment occurs each year at 4% if the employee opts out or contributes 0%.
  • Stock Fund Restrictions: No more than 20% of contributions can be directed to the Novo Nordisk Stock Fund.

Employer Match

  • Company Matching Contribution:
    • The company matches 50% of the first 2% of the employee's pre-tax or Roth 401(k) contributions if the employee contributes at least 2% of their eligible compensation.

Roth 401(k)

  • Contribution Eligibility: Employees can make Roth 401(k) contributions, which are subject to the same company matching rules (50% of the first 2% if contributing at least 2%).

Other Company Contributions

  • Basic Contribution:
    • The company contributes 8% of eligible compensation for certain employees into a separate qualified plan (Novo Nordisk Inc. Money Purchase Plan).

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