- 401(k) Plan: Nordstrom provides a 401(k) retirement plan that includes matching contributions to help employees build long-term savings.
- Employee Stock Purchase Plan (ESPP): Employees can purchase Nordstrom stock at a discount, allowing them to invest directly in the company.
- Performance-Based Bonuses: Eligible employees may receive performance bonuses, which can contribute significantly to their financial savings over time.
- Flexible Spending Accounts (FSA): This includes options for commuter benefits, dependent care, and healthcare, allowing employees to use pre-tax dollars on various eligible expenses.
- Charitable Matching Contributions:
ChatCTP: Source Nordstrom Careers
Nordstrom provides a comprehensive retirement benefits package to support employees in planning for their future. Key components include:
401(k) Plan:
Employee Contributions: Employees can contribute up to 50% of their eligible pay on a pre-tax or Roth (post-tax) basis, subject to IRS limits.
- Company Match: Nordstrom matches employee contributions as follows:
- 100% match on the first 1% of eligible pay contributed.
- 50% match on the next 6% of eligible pay contributed.
This results in a maximum company match of 4% of eligible pay when an employee contributes at least 7%.
Vesting: Company matching contributions fully vest after two years of service.
Employee Stock Purchase Plan (ESPP):
Employees have the opportunity to purchase Nordstrom stock at a 10% discount by contributing up to 15% of their pay.
Additional Benefits:
Merchandise Discount: Employees receive a 33% discount at Nordstrom stores and Nordstrom.com, and a 20% discount at Nordstrom Rack stores, nordstromrack.com, and restaurants.
Paid Time Off (PTO): Employees begin accruing PTO on their date of hire, accumulating one hour for every 14.42 hours worked, totaling 144 hours (18 days) per year.
Sabbatical Leave: After 10 years of service, employees are eligible for a six-week unpaid sabbatical leave.
Health Savings Account (HSA): For those enrolled in the Advantage Plan, Nordstrom contributes up to $530 for individual coverage and up to $1,060 for family coverage.
These benefits are designed to support employees' financial well-being and work-life balance. For detailed information and eligibility criteria, employees should refer to the Employee Benefits Summary Plan Description available on the Nordstrom Benefits Portal
