Mazda Toyota Manufacturing, U.S.A. 401(k) match, vesting and fees
What Mazda Toyota Manufacturing, U.S.A.'s 401(k) plan says about matching contributions
The Company provides a safe harbor matching contribution to contributing participants. The Company may also make a discretionary profit-sharing contribution and discretionary matching contributions each year at the option of the Company's Board of Directors. During the year ended December 31, 2024, the Company elected to match 100% of the first 6% of eligible participant contributions as a safe harbor contribution. The Company did not elect to provide a discretionary profit-sharing or discretionary matching contribution during the year ended December 31, 2024.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 30 ↗ |
| Match vesting | Participants are vested immediately in their contributions and employer matching contributions, plus actual earnings thereon. Vesting in the Company’s discretionary profit-sharing contribution portion of participant accounts is based on years of service. A participant is 100% vested after five years of credited service. | Audit report, p. 30 ↗ |
| Automatic enrollment | The Plan has an automatic enrollment feature whereby eligible employees who have not made a deferral election will be automatically enrolled at a 6% pretax elective deferral unless they opt out. | Audit report, p. 30 ↗ |
| Roth contributions | Each year, participants may contribute up to 50% of their eligible compensation, as defined by the Plan, as pretax or Roth elective deferrals, not to exceed annual Internal Revenue Service (IRS) limitations. | Audit report, p. 30 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum amount of $5,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant’s account. The loans bear interest at rates, which are commensurate with local prevailing rates as determined by the Company. | Audit report, p. 31 ↗ |
| Recordkeeper | Stancorp Financial Group | Schedule C ↗ |
| Independent auditor | Warren Averett, LLC (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 283 defined-contribution plans in manufacturing with 5,000 to 9,999 participants.
| Mazda Toyota Manufacturing, U.S.A.: employer contribution per participant | $3,180 | |
| Peer median | $2,895 |
| Mazda Toyota Manufacturing, U.S.A.: average balance | $19,889 | |
| Peer median | $115,263 |
| Mazda Toyota Manufacturing, U.S.A.: admin expenses ÷ assets | 0.45% | |
| Peer median | 0.08% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $21.8M at the end of plan year 2021 to $102M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 5,246 | $102M | $16.3M | $3,180 | 0.45% | Quoted in the audit report, p. 30 ↗ | Form 5500 ↗ |
| 2023 | 4,598 | $65.1M | $12.2M | $2,718 | 0.52% | Not published | Form 5500 ↗ |
| 2022 | 3,592 | $34.4M | $9.1M | $2,600 | 0.58% | Not published | Form 5500 ↗ |
| 2021 | 2,362 | $21.8M | $4.7M | $2,039 | 0.48% | Not published | Form 5500 ↗ |
Common questions
Does Mazda Toyota Manufacturing, U.S.A. match 401(k) contributions?
The audit report attached to the Mazda Toyota Manufacturing, U. S. A. 401(k) Plan's plan year 2024 Form 5500, page 30 says: “The Company provides a safe harbor matching contribution to contributing participants. The Company may also make a discretionary profit-sharing contribution and discretionary matching contributions each year at the option of the Company's Board of Directors. During the year ended December 31, 2024, the Company elected to match 100% of the first 6% of eligible participant contributions as a safe harbor contribution. The Company did not elect to provide a discretionary profit-sharing or discretionary matching contribution during the year ended December 31, 2024.” Plan terms may have changed; check your current Summary Plan Description.
When is the Mazda Toyota Manufacturing, U.S.A. 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 30 says: “Participants are vested immediately in their contributions and employer matching contributions, plus actual earnings thereon. Vesting in the Company’s discretionary profit-sharing contribution portion of participant accounts is based on years of service. A participant is 100% vested after five years of credited service.”
Who manages the Mazda Toyota Manufacturing, U.S.A. 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Stancorp Financial Group. The plan administrator is Mazda Toyota Manufacturing, U.S.A. Inc..
I left Mazda Toyota Manufacturing, U.S.A.. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Mazda Toyota Manufacturing, U.S.A. Inc., (256) 527-6347) or the recordkeeper, Stancorp Financial Group. The Mazda Toyota Manufacturing, U.S.A. old 401(k) page lists the contacts from every plan filing. Find an old Mazda Toyota Manufacturing, U.S.A. 401(k)
Data from the public Form 5500 annual reports Mazda Toyota Manufacturing, U.S.A. filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Mazda Toyota Manufacturing, U.S.A.. Not financial advice. Report a correction · Methodology