McKesson 401(k) match, vesting and fees
What McKesson's 401(k) plan says about matching contributions
Employer Matching Contributions to Participant Accounts—Each pay period, the Plan provides for Company matching contributions to all participants who make elective deferrals in an amount equal to 100% of the first 3% of pay contributed to the Plan and 50% of the next 2% of pay contributed to the Plan. An additional annual matching contribution may be allocated to plan participants at the discretion of the Company. There were no additional annual matching contributions for the year ended March 31, 2025. Employer matching contributions were approximately $101,114,000 for the year ended March 31, 2025.
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. 152 ↗ |
| Match vesting | Vesting—Participants are vested immediately in their contributions plus actual earnings thereon. In general, for the Plan years ended March 31, 2025 and 2024, employer contributions were 100% vested immediately. Dividends automatically reinvested in McKesson common stock are also 100% vested at all times. Certain qualified employee benefit plans that have been merged into the Plan maintain their legacy vesting schedules. | Audit report, p. 151 ↗ |
| Automatic enrollment | An individual who becomes eligible to participate in the Plan is automatically enrolled in the Plan and shall have five percent (5%) of their compensation for each payroll period contributed to the Plan as pre-tax contributions unless such individual makes an affirmative election to participate at a different rate (including 0%). | Audit report, p. 150 ↗ |
| Roth contributions | Participants may make pre-tax and/or Roth 401(k) contributions from 1% to 75% of eligible pay. Participants 50 years of age or older may also elect to make additional pre-tax and/or Roth 401(k) catch-up contributions of up to 75% of eligible pay. | Audit report, p. 150 ↗ |
| Loans | Notes Receivable from Participants—A participant may have only one loan outstanding from the Plan at any time. The total amount loaned to an individual participant cannot exceed the lowest of: (i) 50% of such participant’s vested account balance, (ii) $50,000 less the participant’s highest outstanding loan balance under the Plan in the 12 months preceding the loan date, or (iii) the value of the participant’s account attributable to pre-tax, Roth, after-tax, catch-up, and rollover contributions. Most loans bear interest at the then current prime rate of interest on the loan date plus 1%. Generally, loans may be repaid over a period not to exceed five years, except for residential home loans, which may be repaid over a term not to exceed ten years. Certain loans under qualified plans of acquired companies that were merged into the Plan may have longer repayment terms. Principal repayments and interest are paid through payroll deductions. For participants who have terminated employment or are on a leave of absence and are no longer receiving a paycheck, loan repayments may be made by electronic fund transfer or check. | Audit report, p. 151 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Carr, Riggs, & Ingram LLC (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 43 defined-contribution plans in wholesale trade with 10,000 to 49,999 participants.
| McKesson: employer contribution per participant | $2,517 | |
| Peer median | $2,266 |
| McKesson: average balance | $141,404 | |
| Peer median | $90,687 |
| McKesson: admin expenses ÷ assets | 0.02% | |
| 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 $5.6B at the end of plan year 2023 to $5.7B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 42,176 | $5.7B | $101M | $2,517 | 0.02% | Quoted in the audit report, p. 152 ↗ | Form 5500 ↗ |
| 2023 | 41,104 | $5.6B | $97.9M | $2,416 | 0.02% | Not published | Form 5500 ↗ |
Common questions
Does McKesson match 401(k) contributions?
The audit report attached to the Mckesson Corporation 401(k) Retirement Savings Plan's plan year 2024 Form 5500, page 152 says: “Employer Matching Contributions to Participant Accounts—Each pay period, the Plan provides for Company matching contributions to all participants who make elective deferrals in an amount equal to 100% of the first 3% of pay contributed to the Plan and 50% of the next 2% of pay contributed to the Plan. An additional annual matching contribution may be allocated to plan participants at the discretion of the Company. There were no additional annual matching contributions for the year ended March 31, 2025. Employer matching contributions were approximately $101,114,000 for the year ended March 31, 2025.” Plan terms may have changed; check your current Summary Plan Description.
When is the McKesson 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 151 says: “Vesting—Participants are vested immediately in their contributions plus actual earnings thereon. In general, for the Plan years ended March 31, 2025 and 2024, employer contributions were 100% vested immediately. Dividends automatically reinvested in McKesson common stock are also 100% vested at all times. Certain qualified employee benefit plans that have been merged into the Plan maintain their legacy vesting schedules.”
Who manages the McKesson 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Mckesson Corporation.
I left McKesson. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Mckesson Corporation, (972) 446-4800) or the recordkeeper, Fidelity Investments Institutional. The McKesson old 401(k) page lists the contacts from every plan filing. Find an old McKesson 401(k)
Data from the public Form 5500 annual reports McKesson 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 McKesson. Not financial advice. Report a correction · Methodology