Tesla 401(k)

Tesla Inc. is a global car maker known for its sleek electric vehicles and clean energy solutions. In addition to its electric vehicles, Tesla also manufactures solar energy products, battery storage systems, and AI-driven technology. But while Tesla is focused on redefining the future of transportation, it also invests in the financial well-being of its employees. One way it does this is through its 401(k) plan.

New Tesla employees are eligible to enroll in the company 401(k) plan immediately upon hire and can contribute up to 90% of their eligible compensation to the plan. Tesla also offers a 50% match of employee contributions, up to 6% of eligible compensation, capped at $3,000. The matching contributions vest after one year of service.

Tesla 401k provider

The Tesla 401(k) plan is with Fidelity Investments, one of the largest financial services companies in the United States. As of December 2024, Fidelity manages $15.1 trillion in assets under administration and $5.9 trillion in total discretionary assets. Enrolled Tesla employees can manage their retirement funds through the Fidelity website or mobile app.

Tesla 401k login

To access your Tesla 401(k) plan, go to the Fidelity NetBenefits website. Enter your username and password to access your 401(k) account. If it's your first time logging in, you must register a new account by providing your Social Security Number, date of birth, and employment information.

You can also use the recovery feature to reset your password or username. Once you log in to your Tesla 401(k) account, you can check your balance, adjust contributions, request a loan, and access retirement planning tools.

Tesla 401k match

Tesla offers a 50% match of employee contributions, up to 6% of eligible compensation, capped at $3,000. To receive the full match, you must contribute at least 6% of your pay. So, if you contribute 6% of your pay, you will receive a 3% match, for a total contribution of 9% of your pay.

Tesla 401k customer service

If you have questions related to your 401(k) plan, you can contact Fidelity retirement customer service at 800-835-5095 anytime from Monday to Friday 8.30 AM to 12.00 AM EST. There are no weekend hours. Customer service can help with any issues you might have, from trouble logging in to rollovers, withdrawals, etc.

Tesla 401k loan

The Tesla 401(k) retirement plan allows participants to borrow against their vested 401(k) balance. You can borrow the lesser of 50% of your vested 401(k) balance, up to a maximum of $50,000. You can take a general-purpose loan or a residential loan, depending on the intended loan purpose.

The loan is repaid with interest to your 401(k) account via payroll deductions. If you leave the company while still repaying a loan, you will be required to pay off the outstanding balance immediately, or the unpaid balance will be considered a taxable distribution.  

Tesla 401k after termination

If you have a 401(k) plan with Tesla and get terminated, you have a few options with the money. You can leave the money with Fidelity, roll over to a new employer's 401(k) plan, roll over to an IRA, or take a distribution. Usually, rolling over to an IRA or 401(k) is recommended to preserve the tax-deferred status of the retirement money. Additionally, withdrawing money from your 401(k) before retirement may trigger income taxes and penalties.

Tesla 401k withdrawal

Enrolled participants can take penalty-free withdrawals from their 401(k) accounts before age 59 ½. You will still owe income taxes at your income tax bracket. The plan also allows in-service withdrawals of rolled-over funds and Roth 401(k) funds if you are still working at Tesla. Additionally, if you are facing a financial hardship, such as medical expenses or foreclosure, you may be allowed to take an early withdrawal from your 401(k) plan.

Tesla 401k early withdrawal

You can take an early withdrawal before age 59 ½ if you are facing an immediate and heavy financial need. These withdrawals are subject to income taxes and a potential early withdrawal penalty, except if you qualify for an exemption. Some of the circumstances that qualify for exemption include permanent disability, certain medical expenses, higher education costs, and buying or building a primary residence.

Tesla 401k rollover form

If you want to roll over your retirement funds from your Tesla 401(k) plan to another retirement plan, you must fill out a rollover form to initiate the rollover. You can obtain the rollover form by logging into your 401(k) account on the Fidelity NetBenefits platform or contacting customer service for assistance. You should fill out the rollover form and provide information about the retirement plan you want to roll over the funds to.

Tesla 401k account number

You can find your Tesla 401(k) account number on your Fidelity NetBenefits dashboard. Simply log into your 401(k) account and check the unique account number assigned to you. You can also check your 401(k) account number on your quarterly statements or other plan communications sent via email. If you can’t find it, you can contact Fidelity customer service at 800-835-5095 for assistance.

Tesla 401k phone number

If you need help with your Tesla 401(k) plan, you can contact Fidelity via phone at 800-835-5095 anytime from Monday to Friday 8.30 am to 12.00 am EST.

Tesla 401k administrator

The plan administrator for the Tesla 401(k) plan is Gina Del Rosario. If you have questions related to your benefits, you can contact the plan administrator at 650-681-5000 or by writing to the following address: 3500 Deer Creek Road, Palo Alto, CA 94304.   

Tesla 401k eligibility

Once you join Tesla as a full-time employee, you will be eligible to contribute to the plan immediately. Participating employees may elect to contribute up to 90% of their eligible compensation, subject to the annual IRS contribution limits. For 2025, employees can contribute up to $23,500 to their 401(k) plan and an additional $7,500 if they are age 50 and older.

Tesla 401k vesting

Employee contributions are 100% vested immediately. However, different rules apply to employer-matching contributions; these contributions become fully vested after 1 year of service. If you leave before completing one year, you will be forced to forfeit the employer match.

Tesla 401k app

You can manage your 401(k) funds using the Fidelity Net Benefits mobile app. You can download the NetBenefits app from the App Store or Google Play Store to get easy access to your retirement benefits. You can use the app to check your account balance, adjust contributions, monitor investment performance, rebalance your portfolio, and access important plan communications.

Tesla 401k summary plan description

Once you enroll in the Tesla 401(k) plan, you will receive a summary plan description from the plan administrator. This document outlines every detail of the plan, including eligibility requirements, contribution limits, vesting, loan rules, withdrawals, and many more. You can request a copy of the summary plan description from the plan administrator, benefits department, or via your 401(k) account on the Fidelity website.