Gap Inc. 401(k) Plan (GapShare) | Wealth45 | Personal Finance

Plan Sponsor: Gap Inc.

Total Plan Assets: As of December 31, 2022, the total plan assets were $2,021,563,612

Number of Participants (2022): 37,767 participants.

Participant Contribution Restrictions: The minimum level of participant contributions is 1% of base salary. Total pretax and Roth contributions may not exceed 30% of total eligible compensation. Total after-tax contributions may not exceed 21% of total eligible compensation. The maximum allowable pretax and Roth 401(k) contributions qualifying for deferral for individual income tax purposes was $20,500 for the year ended December 31, 2022.

Automatic Enrollment Details: Employees are automatically enrolled in the plan upon the second anniversary of their hire date if they haven’t enrolled already. The default percentage for automatic enrollment is 1% of eligible pay, allocated to the age-based T. Rowe Price retirement active trust.

Company Match Percentage: For 2022, the formula provided for a 100% matching contribution up to 4% of base pay per pay period of participant contributions on a pretax or after-tax basis.

Required Vesting Period: All active employees are 100% vested in all employer contributions, participant contributions, and earnings thereon.

Plan Administrator: T. Rowe Price Trust Company serves as the trustee and T. Rowe Price Retirement Plan Services Inc. as the record keeper

Please note that the provided information is based on the details available in the document, and for more specific information, you may need to refer to the Plan Documents and contact the Plan administrators.

DISCLOSURE: Wealth45 is not affiliated with Gap Inc.

- $
  
  23000
  
  How much can I contribute?
  
  The IRS limits the total amount you can contribute each year to a 401(k) plan. Limit is $23,000 for 2024.
- $
  
  7500
  
  What are “catch-up” contributions?
  
  For those over 50 years old, you can make additional “catch-up” contributions to your 401(k) plan. Limit is $7,500 for 2024.

Investments Available
Collective Trust Funds:
1. T. Rowe Price Retire 2005 TR C*
2. T. Rowe Price Retire 2010 TR C*
3. T. Rowe Price Retire 2015 TR C*
4. T. Rowe Price Retire 2020 TR C*
5. T. Rowe Price Retire 2025 TR C*
6. T. Rowe Price Retire 2030 TR C*
7. T. Rowe Price Retire 2035 TR C*
8. T. Rowe Price Retire 2040 TR C*
9. T. Rowe Price Retire 2045 TR C*
10. T. Rowe Price Retire 2050 TR C*
11. T. Rowe Price Retire 2055 TR C*
12. T. Rowe Price Retire 2060 TR C*
13. T. Rowe Price Retire 2065 TR C*
14. T. Rowe Price Stable Value Common Trust Fund*
15. William Blair S MD CAP GR CIT III
16. Harbor Cap Appreciation CIT 2
17. MFS Institutional EQ CL 3A
18. U.S. Small-Cap Val Eq Trust D
19. TCW MET West Total Return Bond D
20. Neuberger Berman Sustainable Eq Tr Cl I
Mutual Funds:
1. Vanguard Institutional Index, Plus
2. Vanguard Extended MKT Index Fund
3. Vanguard Total International Stock IND Funs INST
4. Vanguard TTL Bond Index INST
5. T. Rowe Price Government Money*
* 401k plan participates are invested in collective trusts. Link to specific a mutual fund share class of these funds provided for illustrative purposes only.

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What do other Gap employees invest in?

Gap Inc. employees invested in the following funds as of 12/31/2022 (based on public filings).

List of the 10 Largest Assets Held by the Plan:

T. Rowe Price Retire 2035 TR C – $260,939,713

T. Rowe Price Retire 2040 TR C – $258,298,627

T. Rowe Price Retire 2045 TR C – $253,764,326

T. Rowe Price Retire 2030 TR C – $205,800,182

T. Rowe Price Retire 2050 TR C – $172,149,922

Vanguard Institutional Index, Plus – $143,232,484

T. Rowe Price Retire 2025 TR C – $127,371,795

T. Rowe Price Retire 2055 TR C – $104,615,441

T. Rowe Price Stable Value Common Trust Fund – $79,751,304

William Blair S MD CAP GR CIT III – $66,129,074

Source: Form 5500 filed Oct. 13, 2023

GapShare 401(k) Plan

How much can I contribute?

What are “catch-up” contributions?

Investments Available

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What do other Gap employees invest in?

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