Tesla 401(k) match, vesting and fees
What Tesla's 401(k) plan says about matching contributions
The Plan allows for an employer discretionary matching contribution and an employer discretionary nonelective contribution subject to certain eligibility requirements. For the years ended December 31, 2023 and 2022, the Company matched 50% of a participant’s deferrals up to 6% of the participant’s eligible compensation with a maximum amount of $3,000 per participant. The total employer discretionary matching contribution for 2023 was $99,349,643 of which $1,780,506 was funded by forfeitures. The total discretionary matching contribution for 2022 was $89,378,268 of which $2,668,627 was a receivable as of December 31, 2022 and was paid in 2023. No employer discretionary nonelective contribution was made for the year ended December 31, 2023.
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 | 2023 audit report, p. 41 ↗ |
| Match vesting | Vesting - Participants are 100% vested in their contributions and rollover amounts plus actual earnings thereon. Participants are fully vested in the discretionary matching contributions after one year of credited service. Vesting in the discretionary nonelective contribution and earnings is based on years of credited service at a rate of 25% per year and full vesting after four years. Participants become fully vested in the event of death, disability, retirement age, or plan termination. | 2023 audit report, p. 42 ↗ |
| Roth contributions | The Plan allows for ROTH deferral contributions. | 2023 audit report, p. 41 ↗ |
| Loans | Notes Receivable from Participants - Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less. | 2023 audit report, p. 42 ↗ |
| Recordkeeper | Fidelity Investments Institutional | 2024 Schedule C ↗ |
| Independent auditor | Silicon Valley Accountancy Corp. (unmodified opinion, limited scope) | 2024 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2024 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2023 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2024 filing.
How the plan compares
Plan year 2024 medians for 28 defined-contribution plans in manufacturing with 50,000 or more participants.
| Tesla: employer contribution per participant | $1,554 | |
| Peer median | $4,356 |
| Tesla: average balance | $36,149 | |
| Peer median | $263,591 |
| Tesla: admin expenses ÷ assets | 0.16% | |
| Peer median | 0.01% |
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 $1.9B at the end of plan year 2023 to $2.5B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 89,700 | $2.5B | $106M | $1,554 | 0.16% | Not published | Form 5500 ↗ |
| 2023 | 94,241 | $1.9B | $100M | $1,444 | 0.21% | Quoted in the audit report, p. 41 ↗ | Form 5500 ↗ |
Common questions
Does Tesla match 401(k) contributions?
The audit report attached to the Tesla, Inc. 401(k) Plan's plan year 2023 Form 5500, page 41 says: “The Plan allows for an employer discretionary matching contribution and an employer discretionary nonelective contribution subject to certain eligibility requirements. For the years ended December 31, 2023 and 2022, the Company matched 50% of a participant’s deferrals up to 6% of the participant’s eligible compensation with a maximum amount of $3,000 per participant. The total employer discretionary matching contribution for 2023 was $99,349,643 of which $1,780,506 was funded by forfeitures. The total discretionary matching contribution for 2022 was $89,378,268 of which $2,668,627 was a receivable as of December 31, 2022 and was paid in 2023. No employer discretionary nonelective contribution was made for the year ended December 31, 2023.” Plan terms may have changed; check your current Summary Plan Description.
When is the Tesla 401(k) match vested?
The audit report attached to the plan year 2023 Form 5500, page 42 says: “Vesting - Participants are 100% vested in their contributions and rollover amounts plus actual earnings thereon. Participants are fully vested in the discretionary matching contributions after one year of credited service. Vesting in the discretionary nonelective contribution and earnings is based on years of credited service at a rate of 25% per year and full vesting after four years. Participants become fully vested in the event of death, disability, retirement age, or plan termination.”
Who manages the Tesla 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Tesla, Inc..
I left Tesla. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Tesla, Inc., (650) 681-5000) or the recordkeeper, Fidelity Investments Institutional. The Tesla old 401(k) page lists the contacts from every plan filing. Find an old Tesla 401(k)
Data from the public Form 5500 annual reports Tesla filed with the U.S. Department of Labor (plan years 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 Tesla. Not financial advice. Report a correction · Methodology