THE GOLDMAN SACHS 401(K) PLAN Contribution & Employer Match

THE GOLDMAN SACHS 401(K) PLAN Contribution & Employer Match

THE GOLDMAN SACHS GROUP, INC. provides the following retirement savings benefits to its employees:

2023 & 2024 401(k) contribution limits by IRS

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in THE GOLDMAN SACHS 401(K) PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

THE GOLDMAN SACHS 401(K) PLAN Contribution & Match Policy

1. Employee Contributions:

   • Participants can make pre-tax and Roth (after-tax) contributions each year from their 401(k) Compensation.
   • The plan also allows participants to roll over amounts from other qualified retirement arrangements.
   • Contributions can be directed into various investment options, including mutual funds, collective trusts, separately managed accounts, and a bank deposit account.

2. Employer Contributions & Match:

   • Matching Contributions: As of January 1, 2022, the plan provides a dollar-for-dollar match on participants\\\' elective deferrals up to 6% of Safe Harbor Compensation, with a maximum match of $12,500.
   • Fixed Contributions: For participants with Safe Harbor Compensation under $125,000, the firm contributes an additional 2% of Safe Harbor Compensation.
   • Additional Retirement Contributions: The firm allocates an Additional Retirement Contribution of up to $4,000 to each eligible participant\\\'s account.
   • Prior to January 1, 2022, the plan offered a Safe Harbor Matching Contribution up to 4% of Safe Harbor Compensation, with a Supplemental Contribution to make up any difference if 4% was less than $6,000 (capped at 4% of Safe Harbor Compensation, with some exceptions).

3. Vesting and Eligibility:

   • Participants direct their contributions and the firm’s contributions into various investment options offered by the plan.
   • The plan is administered by the Retirement Committee and the Administrative Committee, with Callan LLC serving as the investment adviser.
   • Alight Solutions is the plan’s record keeper.

4. Roth 401(k):

   • The plan allows participants to make Roth (after-tax) contributions as part of their elective deferrals.
   • These contributions are eligible for the same employer match and firm contributions as pre-tax contributions.
   • Investment options for Roth 401(k) contributions are the same as for other contributions.

Investment Limitations:

• Participants can invest in the Stock Fund, which mainly consists of the firm’s common stock, but no more than 20% of any contribution can be allocated to this fund.
• Reallocating into the Stock Fund is also capped at 20% of the total investment balance.
• Transfers into or out of the Stock Fund are restricted during certain periods to comply with securities laws.

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