General Motors 401K Savings Plan
This page contains a brief overview of the General Motors 401K Savings Plan and Retirement Program. If you are a current employee or retiree of GM be sure to see our resources page for how to access your account. See the bottom of this page for current news and updates concerning the General Motors pension and 401K interplay.
Listed below is the pertinent information about the General Motors 401K program.
- Plan Sponsor: Fidelity Investments
- Plan Type: Defined Contribution
- Profit Sharing?: Yes
- Participants: 64,500
- Assets: $9.5 Billion
- Average Account Balance: $170,000
- Number of Investment Options: 36
- Largest Fund in 401K: GMAM Investment Funds Trust
- Administrator: Kevin Cobb
- Auditor: Deloitte & Touche, LLP
GM Shift from Pension to 401K
In a seemingly concurrent move with that of the pension buyouts, General Motors is shifting senior salaried employees from traditional pension benefits to a 401K plan. In February 2012, GM froze the defined benefit plan for 19,000 white collar works hired before 2001. The plan has not been removed so funds will still be available upon retirement.
The 7,000 employees hired since 2001 were not affected by this change. Now all GM salaried employees (26,000) will receive a contribution into their 401K rather or not they are making their own investment.