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With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Name of Pension Plan: Determine the specific name of Lithia Motors' pension plan.
Years of Service and Age Qualification: Identify the required years of service and age for eligibility.
Pension Formula: Review how the pension amount is calculated.
Source Document: Find and cite the specific documents where this information is available, including page numbers.
Name of 401(k) Plan: Determine the specific name of Lithia Motors' 401(k) plan.
Who Qualifies: Identify the eligibility criteria for participating in the 401(k) plan.
Source Document: Find and cite the specific documents where this information is available, including page numbers.
Restructuring and Layoffs: Lithia Motors announced strategic layoffs in 2024, aiming for $150 million in annual savings through targeted employee reductions. These layoffs focus primarily on U.S. operations rather than global ones, particularly targeting underperforming management at the store level. These layoffs are part of a broader plan to cut $250 million in expenses, including reducing inventory and third-party service costs (CBT News) (SEC.gov).
Pension and 401(k) Benefits: Lithia Motors offers a range of retirement benefits, including a 401(k) plan with company match, employee stock purchase plans, and performance bonuses. The 401(k) plan allows employees to manage their investments, take out loans against their vested balances, and choose different disbursement methods upon retirement. The company also offers pension benefits for eligible employees, including projections and beneficiary management (Built In) (Benefits Account Manager).
Pension and 401(k) Benefits: Lithia Motors offers a range of retirement benefits, including a 401(k) plan with company match, employee stock purchase plans, and performance bonuses. The 401(k) plan allows employees to manage their investments, take out loans against their vested balances, and choose different disbursement methods upon retirement. The company also offers pension benefits for eligible employees, including projections and beneficiary management (Built In) (Benefits Account Manager).
Stock Options and RSUs: Lithia Motors (LAD) offers stock options and RSUs to its employees as part of its compensation packages.
Eligibility: These benefits are generally available to executives, senior management, and key employees based on performance and role.
Company Acronyms: Lithia Motors uses LAD for its stock options and RSU grants.
Medical Insurance: Lithia Motors provides several health insurance plans, including High Deductible Health Plans (HDHPs) and Preferred Provider Organization (PPO) plans.
Dental and Vision Insurance: Coverage is offered through a range of plans, with options for both basic and more extensive dental and vision care.
HSAs and FSAs: These accounts help employees manage healthcare expenses by allowing pre-tax contributions.