NUIX NORTH AMERICA INC. 401(K) PLAN Contribution & Employer Match

NUIX NORTH AMERICA INC. 401(K) PLAN Contribution & Employer Match

NUIX NORTH AMERICA INC. provides the following retirement savings benefits to its employees:

NUIX NORTH AMERICA INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NUIX NORTH AMERICA INC. 401(K) PLAN is $66,756.00

NUIX NORTH AMERICA INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NUIX NORTH AMERICA INC. 401(K) PLAN is $7,479.00. 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.
478,689.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,479.00 in NUIX NORTH AMERICA 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 NUIX NORTH AMERICA 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’.

NUIX NORTH AMERICA INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, NUIX NORTH AMERICA INC. 401(K) PLAN allocates $1,136,703.00 to match its employees' contributions, providing an employer match rate of 41.30% of their contributions

NUIX NORTH AMERICA INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NUIX NORTH AMERICA INC. 401(K) PLAN is approximately $2,863.00
Investing in this additonal $2,863.00 for 20 years would give you extra $183,246.00, assuming a 10% annual return.

NUIX NORTH AMERICA INC. 401(K) PLAN Contribution & Match Policy

1. Employer Match/Contribution Conditions: The Company provides a safe-harbor matching contribution of 100% of the first 3% of the participant’s compensation, plus 50% of the amount of the participant’s elective deferrals that exceed 3% but do not exceed 5% of the participant’s compensation. There is also a discretionary employer contribution at a percent determined by the Company on an annual basis.

2. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Company’s safe-harbor and discretionary contributions plus actual earnings thereon. Eligibility requires completion of three months of service.

3. Roth 401(k) Contribution: Yes.

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