Heico Holding 401(k) match, vesting and fees
What Heico Holding's 401(k) plan says about matching contributions
Safe harbor matching contributions are made to eligible participants equal to 100% of employee contributions up to 3% of compensation, plus an additional 50% safe harbor matching contribution on any additional 401(k) contributions that exceed 3% but do not exceed 5% of compensation for that payroll period. In addition to matching contributions, in any Plan year, each employer in its sole discretion may contribute to the Plan a discretionary contribution.
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. 37 ↗ |
| Automatic enrollment | Effective January 1, 2022, all newly hired employees eligible to become participants in the Plan will be enrolled in the Plan’s automatic escalation feature at 5%, which will automatically increase their elective deferrals 1% annually up to 10%. | Audit report, p. 37 ↗ |
| Roth contributions | Effective January 1, 2024, participants who are eligible to make pretax contributions may elect to make Roth 401(k) contributions under the Plan. | Audit report, p. 37 ↗ |
| Loans | The Plan permits participants to borrow a maximum of $50,000 or 50% of the participants’ vested account balances. Loans are generally payable within five years, with the exception of loans to purchase a principal residence. The loans are secured by the balance in the participant’s account. The loan interest rate, determined quarterly, is set at the prime rate, as defined. Principal and interest are paid ratably through monthly payroll deductions. Participants can only have two loans outstanding at any time. | Audit report, p. 37 ↗ |
| Recordkeeper | Empower | Schedule C ↗ |
| Independent auditor | Grant Thornton LLP (unmodified opinion, limited scope) | 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 283 defined-contribution plans in manufacturing with 5,000 to 9,999 participants.
| Heico Holding: employer contribution per participant | $1,972 | |
| Peer median | $2,895 |
| Heico Holding: average balance | $75,039 | |
| Peer median | $115,263 |
| Heico Holding: admin expenses ÷ assets | 0.08% | |
| Peer median | 0.08% |
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 $402M at the end of plan year 2021 to $437M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 7,381 | $437M | $11.5M | $1,972 | 0.08% | Quoted in the audit report, p. 37 ↗ | Form 5500 ↗ |
| 2023 | 7,752 | $400M | $10M | $1,602 | 0.09% | Not published | Form 5500 ↗ |
| 2022 | 6,802 | $347M | $8M | $1,860 | 0.17% | Not published | Form 5500 ↗ |
| 2021 | 6,215 | $402M | $7.1M | $2,126 | 0.17% | Not published | Form 5500 ↗ |
Common questions
Does Heico Holding match 401(k) contributions?
The audit report attached to the Heico Holding, Inc. 401(k) Plan's plan year 2024 Form 5500, page 37 says: “Safe harbor matching contributions are made to eligible participants equal to 100% of employee contributions up to 3% of compensation, plus an additional 50% safe harbor matching contribution on any additional 401(k) contributions that exceed 3% but do not exceed 5% of compensation for that payroll period. In addition to matching contributions, in any Plan year, each employer in its sole discretion may contribute to the Plan a discretionary contribution.” Plan terms may have changed; check your current Summary Plan Description.
When is the Heico Holding 401(k) match vested?
The vesting schedule for the Heico Holding, Inc. 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Heico Holding 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower. The plan administrator is Heico 401(k) Plan Committee.
I left Heico Holding. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Heico 401(k) Plan Committee, (630) 353-5000) or the recordkeeper, Empower. The Heico Holding old 401(k) page lists the contacts from every plan filing. Find an old Heico Holding 401(k)
Data from the public Form 5500 annual reports Heico Holding filed with the U.S. Department of Labor (plan years 2021 and 2022 and 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 Heico Holding. Not financial advice. Report a correction · Methodology