Twitter Inc., San Francisco, disclosed it had made a discretionary matching contribution to 401(k) plan participants totaling 50% of contributions up to $3,000 for the year ended Dec. 31.
The social media company, whose purchase by Elon Musk that will make the company private was completed Oct. 27, disclosed the contribution in its Oct. 17 Form 5500 filing.
Participants can contribute up to 10% of eligible compensation on an after-tax basis. The plan has offered both automatic enrollment and auto-escalation features since Oct. 1, 2019.
Twitter makes discretionary matching contributions in the form of dollar-fixed matching contributions or profit-sharing contributions. The 2019 matching contribution did not include any profit-sharing component, according to the Form 5500 filing.
Twitter had made an identical matching contribution in 2020, according to the previous Form 5500 filing. The company has not provided any further information about whether the matching contribution formula will change once the company officially goes private in November.
As of Dec. 31, the Twitter Inc. 401(k) Savings Plan had $610 million in assets, according to the Form 5500 filing.
Nicole Willingham, the plan administrator, could not be immediately reached for further information.
