General Motors 401(k) match, vesting and fees

• GM Matching Contributions - GM contributes an amount equal to 100% for each dollar a participant contributes up to 4% of eligible salary. GM Matching Contributions are credited to participant’s account each pay period (i.e., semimonthly). Effective January 1, 2024 and until such time as the Company determines to make a change to the level of such contribution; the level of GM Matching Contributions will be 100% of Basic Savings, (which is up to the first 6% of such employee’s eligible salary).

Participants are fully vested in the assets and earnings thereon from their contributions. Assets derived from GM contributions, including related earnings, vest upon completion of three years of service or immediately upon the death of an active participant. In the event the employee separates from the Company with less than three years of service, any GM contributions and earnings thereon will be forfeited. Forfeitures are used to offset GM contributions and were not significant during 2023.

Eligible new hires are automatically enrolled in the Plan to contribute Deferred Savings at a rate of 4% of eligible salary, unless such employee specifically declines participation in the Plan. Effective January 1, 2021, eligible employees are subject to the terms of the employer directed automatic increase program (“AIP”). Participants contributing to the Plan at less than 8% will have their contribution percentage increased by 1% each March (commencing March 2021) until the earlier of their electing to opt out of AIP or their contribution percentage reaching 8%.

An eligible participant may elect to contribute from 1% to 100% of their eligible salary in multiple ways to the Plan on an individual or combined basis as follows: 1) on a pre-tax basis pursuant to IRC section 401(k) (“Deferred Savings”); 2) on an after-tax basis (“Regular Savings”); or 3) on an after-tax basis pursuant to IRC section 402A (“Roth Savings”). Eligible new hires are automatically enrolled in the Plan to contribute Deferred Savings at a rate of 4% of eligible salary, unless such employee specifically declines participation in the Plan. The sum of Deferred Savings, Regular Savings, and Roth Savings cannot exceed 100% of eligible salary (less all legally required deductions) as defined in the Plan document. The combined amount of Deferred Savings and Roth Savings is further subject to an annual Federal Limit of $22,500 in 2023 (“Federal Limit”).

Participants may borrow once per year from the vested assets in their accounts. The amount and terms of the loans are limited under the Plan provisions. The loan interest rate is the prime lending rate published in The Wall Street Journal as of the last business day of the calendar quarter immediately preceding the date on which the loan request is received. Loan repayments are generally made through after-tax payroll deductions and are invested in the same discretionary investment options that the participant currently selected for their savings contributions. Interest paid on a loan is credited back to the borrowing employee's account in the Plan. Partial and total prepayment of loans is permitted at any time without penalty. Loans not repaid within the loan term are deemed to be distributions from participants' accounts. Outstanding loans may not exceed the lesser of $50,000 or one-half of the participant’s vested account balance, when requesting a new or additional loan withdrawal. The outstanding balances of participant loans, including any accrued but unpaid interest thereon, amounted to approximately $176.2 million and $176.3 million at December 31, 2023 and 2022, respectively. GM Retirement Contributions are unavailable for participant loans or withdrawals (described below) until the earlier of the participant attaining age 59 1⁄2 or termination of employment from GM.