2024 Best in Class 401(k) Plans | Winner
Voluntary Investment Plan for Employees of Lufthansa
| Plan name | Voluntary Investment Plan for Employees of Lufthansa |
| Location | Uniondale, NY |
| Asset size ($MM) | >$200 million – $500 million |
| Participants | NR |
| Industry | Technology/Computers/Software |
| Participation rate | 97% |
| Average deferral rate | 9% |
| # of funds offered | 18 |
| Investment review | Every 1 – 2 years |
| True-up match | No |
| Match vesting period | 2 years |
| Eligibility | Within 3 months of employment |
| Default deferral rate | 5% |
| Default investment | Target-date Fund (all types) |
| Automatic escalation | More than 1% |
| Systematic withdrawals | Yes – plan to add by 06/30/2024 |
| Fee equalization | Yes – a policy is in place |
| Match Rate | Other |
| % receiving full match | Vast majority (75% or more) |
| Maximum employer contribution | 10% |
| Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | No |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
| Recordkeeper | Bank of America |
| Footnotes | |
| NR | Not Reported |
| Yes | yes |
| No | no |
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