It's a straight up contribution. For every dollar paid in wages, the company also contributes ten cents to the employees 401k. No employee contributions are required.
MeatRobot
joined 1 year ago
It's a straight up contribution. For every dollar paid in wages, the company also contributes ten cents to the employees 401k. No employee contributions are required.
From the supplemental agreement regarding the personal savings plan (exhibit G, available at uaw.org/gm2023)
"The Company shall increase its contribution to an Eligible Employee's Account from 6.4% to 10% of each such Employee's Eligible Weekly Earnings with such increase to be implemented by December 31 2023, with contributions made retroactive to October 23, 2023"