Cardinal Health 401(k) match, vesting and fees
What Cardinal Health's 401(k) plan says about matching contributions
The Company match is 200% of each participant’s compensation deferral contributions that do not exceed 1% of the participant’s compensation, and 50% of each participant’s compensation deferral contributions that exceed 1% of the participant’s compensation but that do not exceed 5% of the participant’s compensation. Matching contributions are allocated on an aggregate basis to both pre-tax and Roth elective contributions, subject to the matching limitations in the preceding sentences.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Match vesting | Participants are 100% vested immediately in their elective deferral, rollover, and Company matching contributions, plus actual earnings thereon. A participant is 100% vested in the Company’s discretionary employer and discretionary special contributions after three years of vesting service, or if the participant dies, becomes totally disabled, or reaches retirement age, as defined by the Plan document, while employed by the Company. The Plan provides for the partial vesting of the Company contributions to non-highly compensated participants with more than one year, but less than three years, of vesting service, who were terminated as part of a designated reduction in workforce, as defined in the Plan document. | Audit report, p. 30 ↗ |
| Roth contributions | Participant contributions may be contributed on a pre-tax basis or as “Roth” contributions or as a combination of the two, subject to applicable limitations. Rollover contributions may also include Roth rollovers. | Audit report, p. 29 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000, less the highest outstanding loan balance during the prior 12 months or 50% of their vested account balance. Loan terms primarily range from 1 to 5 years for general purposes, or up to 15 years for the purchase of a primary residence. Participant loans are secured by 50% of the vested balance in the participant’s account as of the date of the loan and bear interest at a reasonable rate, as established by the Committee, currently Prime plus 1%, which is set for the life of the loan. Interest rates for new loans are subject to change on a monthly basis. Loan repayments, including interest and applicable loan fees, are generally repaid through payroll deductions. | Audit report, p. 30 ↗ |
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 43 defined-contribution plans in wholesale trade with 10,000 to 49,999 participants.
| Cardinal Health: employer contribution per participant | $2,442 | |
| Peer median | $2,266 |
| Cardinal Health: average balance | $148,015 | |
| Peer median | $90,687 |
| Cardinal Health: admin expenses ÷ assets | 0.05% | |
| Peer median | 0.07% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $4.3B at the end of plan year 2023 to $4.8B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 40,800 | $4.8B | $78.6M | $2,442 | 0.05% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 44,354 | $4.3B | $75.5M | $2,132 | 0.05% | Not published | Form 5500 ↗ |
Other Cardinal Health plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Cardinal Health 401(k) Savings Plan for Employees of Puerto Rico
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Common questions
Does Cardinal Health match 401(k) contributions?
The audit report attached to the Cardinal Health 401(k) Savings Plan's plan year 2024 Form 5500, page 29 says: “The Company match is 200% of each participant’s compensation deferral contributions that do not exceed 1% of the participant’s compensation, and 50% of each participant’s compensation deferral contributions that exceed 1% of the participant’s compensation but that do not exceed 5% of the participant’s compensation. Matching contributions are allocated on an aggregate basis to both pre-tax and Roth elective contributions, subject to the matching limitations in the preceding sentences.” Plan terms may have changed; check your current Summary Plan Description.
When is the Cardinal Health 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 30 says: “Participants are 100% vested immediately in their elective deferral, rollover, and Company matching contributions, plus actual earnings thereon. A participant is 100% vested in the Company’s discretionary employer and discretionary special contributions after three years of vesting service, or if the participant dies, becomes totally disabled, or reaches retirement age, as defined by the Plan document, while employed by the Company. The Plan provides for the partial vesting of the Company contributions to non-highly compensated participants with more than one year, but less than three years, of vesting service, who were terminated as part of a designated reduction in workforce, as defined in the Plan document.”
Who manages the Cardinal Health 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Principal Life Insurance Company. The plan administrator is Financial Benefit Plans Committee.
I left Cardinal Health. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Financial Benefit Plans Committee, (614) 757-5000) or the recordkeeper, Principal Life Insurance Company. The Cardinal Health old 401(k) page lists the contacts from every plan filing. Find an old Cardinal Health 401(k)
Data from the public Form 5500 annual reports Cardinal Health filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Cardinal Health. Not financial advice. Report a correction · Methodology