Saab 401(k) match, vesting and fees
What Saab's 401(k) plan says about matching contributions
The Plan has a Safe Harbor matching provision, which requires the Company to match, at a minimum, 100% of the first 4% of covered compensation, as defined in the plan agreement, and 50% of the next 1% of covered compensation, for a maximum match of 4.5% of the participant’s eligible compensation. Safe Harbor matching contributions amounted to $4,472,824 and $3,700,819 for the years ended December 31, 2024 and 2023, respectively.
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. 33 ↗ |
| Match vesting | Vesting - Participants are immediately 100% vested in all elective deferrals, employer Safe Harbor matching contributions and employer discretionary contributions plus actual earnings thereon. Forfeitures - Forfeited accounts may be used to pay administrative expenses or to reduce employer contributions to the Plan for that year. Forfeitures used from terminated non-vested account balances to pay administrative expenses amounted to $5,010 and $1,448 for the years ended December 31, 2024 and 2023, respectively. Unused forfeitures were insignificant as of December 31, 2024 and 2023. Payment of benefits - Upon termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the vested value of their account or annual instalments over a period selected by the participant, which may not exceed the participant’s life expectancy. | Audit report, p. 34 ↗ |
| Roth contributions | Contributions - Participants are allowed to make elective 401(k) and Roth salary deferrals up to the maximum amount allowed by the Internal Revenue Code. Participants may also rollover amounts from other qualified plans into the Plan. | Audit report, p. 33 ↗ |
| Loans | Notes receivable from participants - Participants may borrow from their accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance. The notes bear interest at a rate consistent with that which could be obtained from a commercial lender at the time of the loan. | Audit report, p. 34 ↗ |
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Dannible & Mckee, LLP (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 1,087 defined-contribution plans in professional, scientific, and technical services with 1,000 to 4,999 participants.
| Saab: employer contribution per participant | $3,859 | |
| Peer median | $2,556 |
| Saab: average balance | $213,395 | |
| Peer median | $100,166 |
| Saab: admin expenses ÷ assets | 0.12% | |
| Peer median | 0.11% |
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 $223M at the end of plan year 2021 to $247M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,327 | $247M | $4.5M | $3,859 | 0.12% | Quoted in the audit report, p. 33 ↗ | Form 5500 ↗ |
| 2023 | 1,147 | $225M | $3.7M | $3,664 | 0.11% | Not published | Form 5500 ↗ |
| 2022 | 983 | $190M | $3.1M | $3,477 | 0.11% | Not published | Form 5500 ↗ |
| 2021 | 904 | $223M | $2.8M | $3,464 | 0.12% | Not published | Form 5500 ↗ |
Common questions
Does Saab match 401(k) contributions?
The audit report attached to the Saab 401(k) Retirement Savings Plan's plan year 2024 Form 5500, page 33 says: “The Plan has a Safe Harbor matching provision, which requires the Company to match, at a minimum, 100% of the first 4% of covered compensation, as defined in the plan agreement, and 50% of the next 1% of covered compensation, for a maximum match of 4.5% of the participant’s eligible compensation. Safe Harbor matching contributions amounted to $4,472,824 and $3,700,819 for the years ended December 31, 2024 and 2023, respectively.” Plan terms may have changed; check your current Summary Plan Description.
When is the Saab 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 34 says: “Vesting - Participants are immediately 100% vested in all elective deferrals, employer Safe Harbor matching contributions and employer discretionary contributions plus actual earnings thereon. Forfeitures - Forfeited accounts may be used to pay administrative expenses or to reduce employer contributions to the Plan for that year. Forfeitures used from terminated non-vested account balances to pay administrative expenses amounted to $5,010 and $1,448 for the years ended December 31, 2024 and 2023, respectively. Unused forfeitures were insignificant as of December 31, 2024 and 2023. Payment of benefits - Upon termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the vested value of their account or annual instalments over a period selected by the participant, which may not exceed the participant’s life expectancy.”
Who manages the Saab 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Principal Life Insurance Company. The plan administrator is Saab, Inc..
I left Saab. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Saab, Inc., (315) 445-5009) or the recordkeeper, Principal Life Insurance Company. The Saab old 401(k) page lists the contacts from every plan filing. Find an old Saab 401(k)
Data from the public Form 5500 annual reports Saab 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 Saab. Not financial advice. Report a correction · Methodology