NXP 401(k) Retirement Plan

Plan name NXP 401(k) Retirement Plan
LocationAustin, Texas
Asset size ($MM)$3.5 billion
Participants8,500
IndustryTechnology/Computers/Software
Participation rate95%
Average deferral rate10%
# of funds offered14
Investment reviewYes
True-up matchYes
Match vesting periodImmediately upon enrollment
EligibilityImmediately upon hire
Default deferral rate5%
Default investmentTarget-date Fund (all types)
Automatic escalationYes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time
Systematic withdrawalsYes
Fee equalizationYes – a policy is in place
Match Rate100% of first 6% of salary
% receiving full matchAll or nearly all participants (90% or more)
Maximum employer contribution5%
Financial Education
Saving/Budgeting
Yes
Investing strategies
Yes
College saving
Credit/Debt management
Yes
Tax/Estate planning
Yes
Retiree health costs/savings options​
Yes
RecordkeeperFidelity Investments
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