American Honda Motor Co., Inc.

FINALIST

Location:

Torrance, California
Industry:

Manufacturing
Plan(s) Offered:

401(k); defined benefit (frozen); nonqualified deferred compensation
Plan Assets:

401(k) – $7.3B; DB – $3B; NQDC – $2M
Number of Participants:

401(k) – 30,000; DB – 18,000; NQDC – 250
DC Plan Participation Rate:

98%
DC Plan Average Deferral Rate:

11.54%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

6%
Default Investment Fund:

Vanguard Target Retirement Trust A Group
DC Plan Employer Contribution:

100% of 6% + nonelective 3% – 9% based on 0 – 20+ years of service
Recordkeeper:

401(k) and NQDC – Fidelity Investments; DB – Alight
Plan Adviser:

Aon
Financial Wellness Educator(s):

Fidelity Investments

The plan provides employer contributions starting at 9% and rising to 15% after 20 years of service. Employees, immediately eligible, are automatically enrolled, at 6%, and escalated annually, to 15%; participation is 98%. Executives are also offered a nonqualified deferred compensation plan with matching and service-based contributions. Additional benefits include a student debt program, providing $100 per month up to $8,000, an employee stock purchase plan and a subsidized retiree medical plan based on years of service; Honda pays 80% of medical costs.

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