Tesla Inc., Palo Alto, Calif., added a matching contribution to its 401(k) plan, effective in January.
The automaker announced in its 10-K filing Monday that in January, it began matching 50% of each employees' contributions to the Tesla Inc. 401(k) Plan up to a maximum of 6% of the employee's eligible compensation, capped at $3,000.
Employees are vested upon one year of service, according to the filing.
Previously, the plan allowed for an "employer discretionary matching and/or an employer discretionary non-elective contribution subject to certain eligibility requirements," according to the plan's Form 5500 filing issued in October 2020.
Tesla had not made any contributions in 2019, 2020 or 2021, according to the new 10-K filing.
As of Dec. 31, 2020, the Tesla Inc. 401(k) Plan had $850 million in assets, according to the company's most recent Form 5500 filing.
Tesla officials could not be immediately reached for further information.
