SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match

SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match

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

SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN is $173,589.00

SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN is $4,179.00. 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.
267,517.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,179.00 in SCHLUMBERGER TECHNOLOGY CORPORATION 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 TECHNOLOGY CORPORATION 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 TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN allocates $140,628,235.00 to match its employees' contributions, providing an employer match rate of 83.13% of their contributions

SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN is approximately $3,590.00
Investing in this additonal $3,590.00 for 20 years would give you extra $229,761.00, assuming a 10% annual return.

SCHLUMBERGER TECHNOLOGY CORPORATION SAVINGS AND PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute in any whole percentage of their admissible compensation, up to an amount equal to the maximum contribution limit as set forth in the Internal Revenue Code (IRC).

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

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

4. Roth 401(k) Contribution: Employees participating in the Technology Plan and Limited Plan may also make Roth contributions.

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