Metlife Group 401(k) match, vesting and fees
What Metlife Group's 401(k) plan says about matching contributions
Any Matching Contributions made with respect to before-tax contributions that are subsequently withdrawn by a Participant pursuant to an election under Section 2.1(a)(4) of the Plan document shall be forfeited. During 2024, each of the Participating Affiliates made a Matching Contribution equal to the sum of (i) 100% of the Participant’s contributions that did not exceed 3% of the Participant’s eligible compensation, and (ii) 50% of the Participant’s contributions that were in excess of 3% of the Participant’s eligible compensation but did not exceed 5% of the Participant’s eligible compensation.
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. 35 ↗ |
| Match vesting | Both Participant and Matching Contributions vest immediately. | Audit report, p. 35 ↗ |
| Automatic enrollment | The Plan was amended effective January 1, 2019, to provide for automatic enrollment of new participants, automatic annual increase of contributions for such participants, and immediate eligibility for matching contributions. | Audit report, p. 34 ↗ |
| Roth contributions | A Participant who is not a Highly Compensated Employee may contribute up to 45% of the Participant’s eligible compensation on a before-tax 401(k) contributions basis and Roth 401(k) contributions basis and/or on an after-tax basis, subject to certain IRC and Plan-imposed limitations. Each Highly Compensated Employee may elect to make before-tax 401(k) contributions and Roth 401(k) contributions and/or after-tax contributions up to an aggregate maximum of 16% of such employee’s eligible compensation. If such an employee makes after-tax employee contributions, the maximum percentage of after-tax contributions may not exceed 11% of such employee’s eligible compensation. In addition, a Participant’s combined before-tax 401(k) and/or Roth 401(k) contributions were not permitted to exceed the IRC-imposed limitation of $23.0 thousand for the year ended December 31, 2024. | Audit report, p. 34 ↗ |
| Loans | A Participant may borrow from the Participant’s vested Plan account balance, up to a maximum of the lesser of $50 thousand (reduced by the highest outstanding balance of loans in the Participant’s defined contribution plan account(s) during the one- year period ending the day before the date a loan is to be made) or 50% of the Participant’s vested account balance (reduced by outstanding loans on the date of the loan). Such loans are secured by the balance in the Participant’s account and bear interest at rates based on the commercial interest rate set forth in the Wall Street Journal as of the first of the month prior to each calendar quarter. The principal of and interest on the loans are paid through payroll deductions. Loan repayments are made to Core Funds in accordance with the Participant’s contribution investment allocation at the time of repayment. | Audit report, p. 35 ↗ |
| Recordkeeper | The Northern Trust Company | 2023 Schedule C ↗ |
| Independent auditor | Deloitte & Touche, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Rows are from the plan year 2024 filing, except the recordkeeper; plan features from its audit report. The recordkeeper is from the plan year 2023 filing, the latest that names one.
How the plan compares
Plan year 2024 medians for 105 defined-contribution plans in finance and insurance with 10,000 to 49,999 participants.
| Metlife Group: employer contribution per participant | $2,070 | |
| Peer median | $3,632 |
| Metlife Group: average balance | $262,162 | |
| Peer median | $158,114 |
| Metlife Group: admin expenses ÷ assets | 0.13% | |
| 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 $8.4B at the end of plan year 2021 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 | 32,414 | $8.3B | $65.6M | $2,070 | 0.13% | Quoted in the audit report, p. 35 ↗ | Form 5500 ↗ |
| 2023 | 33,396 | $7.7B | $64.1M | $1,967 | 0.14% | Not published | Form 5500 ↗ |
| 2022 | 34,482 | $7B | $59.3M | $1,768 | 0.14% | Not published | Form 5500 ↗ |
| 2021 | 34,551 | $8.4B | $58.3M | $1,742 | 0.17% | Not published | Form 5500 ↗ |
Other Metlife Group plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Metlife 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 | Alight Solutions LLC | Schedule C ↗ |
| Independent auditor | Deloitte and Touche, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Metlife Group match 401(k) contributions?
The audit report attached to the Metlife 401(k) Plan's plan year 2024 Form 5500, page 35 says: “Any Matching Contributions made with respect to before-tax contributions that are subsequently withdrawn by a Participant pursuant to an election under Section 2.1(a)(4) of the Plan document shall be forfeited. During 2024, each of the Participating Affiliates made a Matching Contribution equal to the sum of (i) 100% of the Participant’s contributions that did not exceed 3% of the Participant’s eligible compensation, and (ii) 50% of the Participant’s contributions that were in excess of 3% of the Participant’s eligible compensation but did not exceed 5% of the Participant’s eligible compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Metlife Group 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 35 says: “Both Participant and Matching Contributions vest immediately.”
Who manages the Metlife Group 401(k)?
The recordkeeper listed on Schedule C of the plan year 2023 filing is The Northern Trust Company. The plan administrator is Metlife Group, Inc..
I left Metlife Group. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Metlife Group, Inc., (908) 253-1977) or the recordkeeper, The Northern Trust Company. The Metlife Group old 401(k) page lists the contacts from every plan filing. Find an old Metlife Group 401(k)
Data from the public Form 5500 annual reports Metlife Group 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 Metlife Group. Not financial advice. Report a correction · Methodology