Tesla Inc., Palo Alto, Calif., did not make any matching contributions to its 401(k) plan in 2020, according to its 10-K filing with the SEC on Monday.
It is the third straight year the automaker has not made any contributions to its 401(k) plan, according to the filing.
The Tesla Inc. 401(k) Plan automatically enrolls participants in the plan with a deferral rate of 5% of employees' salaries with the option to contribute more, according to the plan's most recent Form 5500 filing.
According to the Form 5500, the plan allows for an "employer discretionary matching and/or an employer discretionary non-elective contribution subject to certain eligibility requirements." Those requirements were not met for the 2019 plan year, according to the Form 5500.
The nature of those requirements for Tesla to make contributions to the 401(k) plan was not available. The stock price for the automaker was up 695% for the year ended Dec. 31.
As of Dec. 31, 2019, the Tesla Inc. 401(k) Plan had $633 million in assets, according to the company's most recent Form 5500 filing.
Gina Del Rosario, senior benefits manager, did not return phone calls seeking further information.
