Toyoda Gosei has established a qualified requirement savings plan under Section 401(k) for the eligible team members. You may be enrolled on the first day of the month following your date of employment. The benefits of participating in the 401(k) Plan include:
- Pre-tax contributions up to 90% of salary and/or the annual maximum
- Based on financial performance, the Company may provide both a discretionary match and an annual profit sharing contribution.
- Auto Enrollment (3%)
- Auto Escalate Program (1% annually, up to 10%)
Vesting
- Employee contributions and any amounts rolled into the plan, adjusted for gains and losses are immediately vested.
- Company contributions, if any, vest according to the plan's 5 year schedule below.
Vesting Schedule
| Years of Service | Vested Percentage |
|---|---|
| Less than 1 | 0% |
| At least 1 but less than 2 | 20% |
| At least 2 but less than 3 | 40% |
| At least 3 but less than 4 | 60% |
| At least 4 but less than 5 | 80% |
| 5 or more | 100% |
Are your beneficiaries up to date?
It is a good idea to check your beneficiaries once a year, but especially important if you have any life events to ensure that your beneficiaries listed are still correct! To view or change your beneficiaries, login to your account on www.netbenefits.com. Click here to see why adding your beneficiaries is so important!