Penske Truck Leasing 401(k) match, vesting and fees

• Employer matching contributions of up to 100% of employee contributions for certain plan tiers;

Participants are immediately 100% vested in their retirement contributions plus actual earnings (losses) thereon. Vesting in the Company’s matching and profit-sharing contributions plus earnings (losses) thereon is based on years of vesting service. A participant is 100% vested after five years of vesting service (according to the table below) or upon attainment of normal retirement age (65-67) or if his or her employment terminates by reason of death or disability prior to normal retirement.

Participants may borrow from their vested before-tax and after-tax account balances. No loans are permitted against any company contributions. The minimum loan amount is $500; the maximum loan amount is the lesser of (a) $50,000, reduced by the highest outstanding loan balance during the 12-month period ending on the date before the loan is made, or (b) 50% of the participant’s total vested account balance. Each loan may have a maximum term of 5 years, except that a loan for the purchase or construction of a principal dwelling may have a maximum term of 10 years for certain plan tiers. Loans issued before January 1, 2024 have an interest rate that mirrors rates at institutional lenders providing comparable loans. Loans issued on or after January 1, 2024 have an interest rate that is one percentage point above the prime interest rate published in the Wall Street Journal. As of December 31, 2024, interest rates on participant loans ranged from 3.25% to 9.50% and have maturity dates ranging from 2025 to 2033.