Danaher 401(k) match, vesting and fees
What Danaher's 401(k) plan says about matching contributions
Also effective in 2022, the Company amended the Plan to make an employer safe harbor match contribution true-up following the end of the year that considers the total eligible pay and salary deferrals for the entire plan year to determine if an additional match is due to employees not covered by collective bargaining agreements. This change removes the requirement that employees not covered by collective bargaining agreements defer at least 5% of eligible pay each pay period during the plan year to maximize the Company's matching contributions. The Company immediately matches 100% of each dollar contributed by participants (traditional pre-tax, Roth after-tax or a combination) on the first 3% of eligible pay plus 50% of each dollar contributed on the next 2% of eligible pay for employees not covered by collective bargaining agreements. These matching contributions are considered "safe harbor" matching contributions. Participants are fully vested in the value of the "safe harbor" matching contributions. In addition to the Company's matching contributions, after certain participants complete one year of continuous service, the Company may make additional retirement contributions on behalf of the participants.
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. 31 ↗ |
| Match vesting | Participants are fully vested in the value of the "safe harbor" matching contributions. With respect to all discretionary retirement contributions, participants generally become fully vested on the earlier of the date of completion of three years of service, retirement at or after age 65, or complete disability or death. | Audit report, p. 32 ↗ |
| Automatic enrollment | Effective January 1, 2015, the Plan was amended to include a Roth 401(k) feature, automatic enrollment of new hires, rehires and those otherwise newly eligible (e.g. through acquisitions), automatic annual re-enrollment and annual autoincrease of deferral rates. The first annual cycle of automatic re-enrollment and auto-increase occurred in 2016. | Audit report, p. 31 ↗ |
| Roth contributions | Effective January 1, 2015, the Plan was amended to include a Roth 401(k) feature, automatic enrollment of new hires, rehires and those otherwise newly eligible (e.g. through acquisitions), automatic annual re-enrollment and annual autoincrease of deferral rates. | Audit report, p. 31 ↗ |
| Loans | Participants may receive a loan from the Plan in accordance with the policy established by the Plan Sponsor. Any such loan or loans shall not exceed the lesser of 50% of the participants' vested account balance or $50,000 reduced by the participants' highest outstanding loan balance from the Plan during the one-year period ending on the day before the loan is made. The Plan Administrator shall establish the maximum maturity period that will be permitted to prevent the loan from being treated as a distribution. Plan provisions require that all loans must be paid back within 60 months. The Plan Administrator may require loan payments to be made through payroll deductions. | Audit report, p. 32 ↗ |
| Recordkeeper | Fidelity Inv Institutional Op Co in | Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 203 defined-contribution plans in manufacturing with 10,000 to 49,999 participants.
| Danaher: employer contribution per participant | $4,570 | |
| Peer median | $3,733 |
| Danaher: average balance | $177,216 | |
| Peer median | $157,962 |
| Danaher: 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 $5.8B at the end of plan year 2023 to $6.5B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 37,514 | $6.5B | $167M | $4,570 | 0.05% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
| 2023 | 38,220 | $5.8B | $200M | $5,310 | 0.05% | Not published | Form 5500 ↗ |
Other Danaher plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Danaher Corporation & Subsidiaries Puerto Rico Savings 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 | Benefit Plans Admin Services, Inc. | Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Danaher Corporation & Subsidiaries Pension 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 | Aon Consulting Inc | Schedule C ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Common questions
Does Danaher match 401(k) contributions?
The audit report attached to the Danaher Corporation & Subsidiaries Savings Plan's plan year 2024 Form 5500, page 31 says: “Also effective in 2022, the Company amended the Plan to make an employer safe harbor match contribution true-up following the end of the year that considers the total eligible pay and salary deferrals for the entire plan year to determine if an additional match is due to employees not covered by collective bargaining agreements. This change removes the requirement that employees not covered by collective bargaining agreements defer at least 5% of eligible pay each pay period during the plan year to maximize the Company's matching contributions. The Company immediately matches 100% of each dollar contributed by participants (traditional pre-tax, Roth after-tax or a combination) on the first 3% of eligible pay plus 50% of each dollar contributed on the next 2% of eligible pay for employees not covered by collective bargaining agreements. These matching contributions are considered "safe harbor" matching contributions. Participants are fully vested in the value of the "safe harbor" matching contributions. In addition to the Company's matching contributions, after certain participants complete one year of continuous service, the Company may make additional retirement contributions on behalf of the participants.” Plan terms may have changed; check your current Summary Plan Description.
When is the Danaher 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 32 says: “Participants are fully vested in the value of the "safe harbor" matching contributions. With respect to all discretionary retirement contributions, participants generally become fully vested on the earlier of the date of completion of three years of service, retirement at or after age 65, or complete disability or death.”
Who manages the Danaher 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Inv Institutional Op Co in. The plan administrator is Danaher Corporation.
I left Danaher. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Danaher Corporation, (202) 828-0850) or the recordkeeper, Fidelity Inv Institutional Op Co in. The Danaher old 401(k) page lists the contacts from every plan filing. Find an old Danaher 401(k)
Data from the public Form 5500 annual reports Danaher 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 Danaher. Not financial advice. Report a correction · Methodology