SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match

SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match

SCHLUMBERGER TECHNOLOGY CORPORATION provides the following retirement savings benefits to its employees:

SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN is $538,525.00

SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN is $5,563.00. 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.
356,032.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,563.00 in SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING 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 SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING 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’.

SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN allocates $951,920.00 to match its employees' contributions, providing an employer match rate of 83.88% of their contributions

SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN is approximately $4,856.00
Investing in this additonal $4,856.00 for 20 years would give you extra $310,831.00, assuming a 10% annual return.

SCHLUMBERGER LIMITED SAVINGS AND PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to an amount equal to the maximum contribution limit set forth in the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: For employees in the Technology Plan hired before October 1, 2004, the employer matches 50% of the first 6% of employee pre-tax contributions. For employees hired on or after October 1, 2004, the employer matches 100% of the first 6% of employee pre-tax contributions. The Limited Plan has similar matching contributions: 50% for employees hired before October 1, 2004, and 100% for those hired after.

3. Vesting Schedule/Eligibility: In the Technology Plan and Limited Plan, participants are immediately vested in their voluntary contributions plus actual earnings, and vesting in employer contributions is 33⅓% after two years, 66⅔% after three years, and 100% after four years of active service. In the U.S. Abroad Plan, participants are immediately vested in both voluntary and profit sharing contributions, with vesting in employer basic contributions at 100% upon attaining age 60 or completing six years of active service.

4. Roth 401(k) Contribution: The plans allow Roth contributions.

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