Centene 401(k) match, vesting and fees
What Centene's 401(k) plan says about matching contributions
The Company will contribute on a pay period by pay period basis to the Plan an amount equal to 50 percent of the first 6% of the compensation that a participant contributes to the Plan.
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. 32 ↗ |
| Automatic enrollment | The Plan provides for an automatic election to have participant contributions made at 6% of compensation, as defined. The participant may elect a different percentage or elect not to make participant contributions. The Plan also has an Annual Increase Program ("AIP") for all participants who were initially auto enrolled in the Plan. In accordance with the AIP, a participant's deferral percentage will increase by 1% annually up to a maximum automatic deferral of 10%. | Audit report, p. 32 ↗ |
| Roth contributions | The Plan also allows participants to make Roth 401(k) contributions. | Audit report, p. 32 ↗ |
| Loans | Participants may borrow from their accounts up to the lesser of 50% of their vested account balance or $50,000. All loans are secured by the participant's vested account and are repayable in installments through payroll deductions, over a maximum of five years. The loans bear interest at rates that are commensurate with prevailing market rates as determined by the Plan administrator. | Audit report, p. 33 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Armanino LLP (unmodified opinion, limited scope) | 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 19 defined-contribution plans in finance and insurance with 50,000 or more participants.
| Centene: employer contribution per participant | $1,735 | |
| Peer median | $3,368 |
| Centene: average balance | $72,990 | |
| Peer median | $160,346 |
| Centene: admin expenses ÷ assets | 0.05% | |
| Peer median | 0.05% |
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 $4B at the end of plan year 2023 to $4.7B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 67,132 | $4.7B | $112M | $1,735 | 0.05% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 66,984 | $4B | $113M | $1,735 | 0.07% | Not published | Form 5500 ↗ |
Other Centene plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Centene Consolidated Frozen Retirement Plan
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 | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Armanino LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Common questions
Does Centene match 401(k) contributions?
The audit report attached to the Centene Management Corporation Retirement Plan's plan year 2024 Form 5500, page 32 says: “The Company will contribute on a pay period by pay period basis to the Plan an amount equal to 50 percent of the first 6% of the compensation that a participant contributes to the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Centene 401(k) match vested?
The vesting schedule for the Centene Management Corporation Retirement Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Centene 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Centene Corporation.
I left Centene. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Centene Corporation, (314) 725-4477) or the recordkeeper, Fidelity Investments Institutional. The Centene old 401(k) page lists the contacts from every plan filing. Find an old Centene 401(k)
Data from the public Form 5500 annual reports Centene 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 Centene. Not financial advice. Report a correction · Methodology