General Dynamics 401(k) match, vesting and fees

Participants’ contributions and safe harbor Employer contributions and actual earnings thereon are always 100% vested. Vesting in any Employer matching or discretionary contributions varies by business unit and generally does not exceed three years.

The Plan has an automatic enrollment feature under which new employees who do not make a contrary election as described in the Plan Document will automatically be enrolled in the Plan. The Plan's automatic enrollment deferral rate is 6%.

Effective January 1, 2024, participants may contribute from 1% up to 75%, or up to 50% prior to January 1, 2024, of eligible compensation as pre-tax deferrals, Roth deferrals or after-tax contributions, up to the statutory limits defined by the Internal Revenue Code (IRC).

The Plan permits active participants to borrow the lesser of $50,000 less the highest outstanding note receivable (or participant loans or loan) balance during the last 12 months, or 50% of the vested amount in their accounts (subject to limits defined in the Plan Document and by the IRC). Loans are secured by the remaining balance in the participants’ accounts. Participants are required to repay the loan by regular payroll deductions over a period of up to five years. The Plan also offers primary residence loans (with terms up to 20 years). Participants can have up to two loans outstanding at any one time, one of which may be a primary residence loan. Loans are issued at the U.S. prime rate of interest plus 1%. Participant loans are recorded at amortized cost, which is the remaining unpaid principal balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan Document.