Marathon Petroleum 401(k) match, vesting and fees
What Marathon Petroleum's 401(k) plan says about matching contributions
The Plan is a safe harbor type plan under Section 401(k)(12) of the Internal Revenue Code of 1986, as amended (“Code”). The Company makes matching contributions on eligible participant contributions up to a maximum of 6% of eligible pay at the rate of $1.17 per dollar contributed. Effective January 1, 2024, participants who make qualified student loans payments (“QSLPs”) during a Plan Year (the calendar year) are eligible to have those QSLPs treated as elective deferrals eligible for matching contributions under 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. 286 ↗ |
| Match vesting | Participants are fully and immediately vested in their contributions and Company matching contributions made on or after January 1, 2016, plus actual earnings thereon. For Company matching contributions made prior to January 1, 2016: (1) participants who were actively employed by the Company or an affiliate thereof on August 1, 2024, and who were not fully vested in such contributions prior to August 1, 2024, are fully vested in such contributions, effective August 1, 2024; and (2) all other participants generally become fully vested in these Company contributions, plus actual earnings thereon, upon the earliest of the following: upon retirement under the Marathon Petroleum Retirement Plan (a separate tax-qualified retirement plan maintained by the Company); upon death or disability while actively employed; after three years of service with the Company or its affiliates; upon attainment of age 65 while actively employed; or upon termination or partial termination of the Plan. Certain employer nonelective contributions and employer matching contributions previously made under the merged Andeavor 401(k) Plan and the merged Andeavor Retail 401(k) Plan remain subject to separate vesting schedules that were provided under such merged plans and that were incorporated into the Plan as part of the plans’ merger. For Company nonelective contributions previously made for certain Speedway LLC employees: (1) participants who were actively employed by the Company or an affiliate thereof of August 1, 2024, and who were not fully vested in such contributions prior to August 1, 2024, are fully vested in such contributions, effective August 1, 2024; and (2) all other participants generally become fully vested in such contributions, plus actual earnings thereon upon the earliest of the following: upon death or disability of an actively employed participant; after three years of service with Speedway LLC or its affiliates; upon attainment of age 65 while actively employed; or upon the termination or partial termination of the Plan. | Audit report, p. 286 ↗ |
| Automatic enrollment | Effective April 8, 2024, newly hired and rehired eligible employees are automatically enrolled in the Plan, unless they affirmatively opt-out of making contributions. | Audit report, p. 286 ↗ |
| Roth contributions | Participants may contribute up to a total of 75% of their eligible pay to the Plan in the form of pre-tax, Roth, after-tax and catch-up contributions. | Audit report, p. 286 ↗ |
| Loans | Participants may borrow from their Plan accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. A participant is limited to two outstanding loans. The loans are collateralized by the balance in the participants’ accounts and bear interest rates that currently range from 3.25% to 9.25% , determined in accordance with Plan provisions. Principal and interest are paid ratably through payroll deductions for active employees and through ACH payments for participants not receiving pay and retirees. | Audit report, p. 286 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Gjc Cpa'S & Advisors (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 203 defined-contribution plans in manufacturing with 10,000 to 49,999 participants.
| Marathon Petroleum: employer contribution per participant | $6,529 | |
| Peer median | $3,733 |
| Marathon Petroleum: average balance | $301,493 | |
| Peer median | $157,962 |
| Marathon Petroleum: admin expenses ÷ assets | 0.02% | |
| 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 $7.5B at the end of plan year 2023 to $8.3B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 28,057 | $8.3B | $180M | $6,529 | 0.02% | Quoted in the audit report, p. 286 ↗ | Form 5500 ↗ |
| 2023 | 28,940 | $7.5B | — | — | 0.03% | Not published | Form 5500 ↗ |
Other Marathon Petroleum plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Marathon Petroleum 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.
| Independent auditor | Gjc Cpas & Advisors (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Speedway 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.
| Independent auditor | Gjc Cpas & Advisors (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Common questions
Does Marathon Petroleum match 401(k) contributions?
The audit report attached to the Marathon Petroleum Thrift Plan's plan year 2024 Form 5500, page 286 says: “The Plan is a safe harbor type plan under Section 401(k)(12) of the Internal Revenue Code of 1986, as amended (“Code”). The Company makes matching contributions on eligible participant contributions up to a maximum of 6% of eligible pay at the rate of $1.17 per dollar contributed. Effective January 1, 2024, participants who make qualified student loans payments (“QSLPs”) during a Plan Year (the calendar year) are eligible to have those QSLPs treated as elective deferrals eligible for matching contributions under the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Marathon Petroleum 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 286 says: “Participants are fully and immediately vested in their contributions and Company matching contributions made on or after January 1, 2016, plus actual earnings thereon. For Company matching contributions made prior to January 1, 2016: (1) participants who were actively employed by the Company or an affiliate thereof on August 1, 2024, and who were not fully vested in such contributions prior to August 1, 2024, are fully vested in such contributions, effective August 1, 2024; and (2) all other participants generally become fully vested in these Company contributions, plus actual earnings thereon, upon the earliest of the following: upon retirement under the Marathon Petroleum Retirement Plan (a separate tax-qualified retirement plan maintained by the Company); upon death or disability while actively employed; after three years of service with the Company or its affiliates; upon attainment of age 65 while actively employed; or upon termination or partial termination of the Plan. Certain employer nonelective contributions and employer matching contributions previously made under the merged Andeavor 401(k) Plan and the merged Andeavor Retail 401(k) Plan remain subject to separate vesting schedules that were provided under such merged plans and that were incorporated into the Plan as part of the plans’ merger. For Company nonelective contributions previously made for certain Speedway LLC employees: (1) participants who were actively employed by the Company or an affiliate thereof of August 1, 2024, and who were not fully vested in such contributions prior to August 1, 2024, are fully vested in such contributions, effective August 1, 2024; and (2) all other participants generally become fully vested in such contributions, plus actual earnings thereon upon the earliest of the following: upon death or disability of an actively employed participant; after three years of service with Speedway LLC or its affiliates; upon attainment of age 65 while actively employed; or upon the termination or partial termination of the Plan.”
Who manages the Marathon Petroleum 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Duane F Boecker Plan Administrator.
I left Marathon Petroleum. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Duane F Boecker Plan Administrator, (419) 422-2121) or the recordkeeper, Fidelity Investments Institutional. The Marathon Petroleum old 401(k) page lists the contacts from every plan filing. Find an old Marathon Petroleum 401(k)
Data from the public Form 5500 annual reports Marathon Petroleum 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 Marathon Petroleum. Not financial advice. Report a correction · Methodology