Nelnet 401(k) match, vesting and fees
What Nelnet's 401(k) plan says about matching contributions
The Company makes safe harbor matching contributions of 100% of the first 3% of eligible compensation and 50% of the next 3% to 5% of eligible compensation that a participant contributes to 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. 35 ↗ |
| Match vesting | Participants are immediately 100% vested in all salary deferral contributions, safe harbor matching contributions, and discretionary non-elective contributions. | Audit report, p. 36 ↗ |
| Automatic enrollment | All employees are automatically enrolled with a 5% deferral contribution once they become eligible for the Plan. | Audit report, p. 35 ↗ |
| Roth contributions | Employees are eligible to make pre-tax and Roth after-tax salary deferral contributions and receive safe harbor matching contributions and discretionary non-elective contributions after six months of service. | Audit report, p. 35 ↗ |
| Recordkeeper | Union Bank & Trust Company | Schedule C ↗ |
| Independent auditor | Lutz & Company (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 104 defined-contribution plans in finance and insurance with 10,000 to 49,999 participants.
| Nelnet: employer contribution per participant | $1,743 | |
| Peer median | $3,632 |
| Nelnet: average balance | $72,285 | |
| Peer median | $158,797 |
| Nelnet: admin expenses ÷ assets | 0.10% | |
| Peer median | 0.04% |
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 $674M at the end of plan year 2023 to $755M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 10,864 | $755M | $18.2M | $1,743 | 0.10% | Quoted in the audit report, p. 35 ↗ | Form 5500 ↗ |
| 2023 | 11,261 | $674M | $17.8M | $1,663 | 0.14% | Not published | Form 5500 ↗ |
Common questions
Does Nelnet match 401(k) contributions?
The audit report attached to the Nelnet 401(k) Plan's plan year 2024 Form 5500, page 35 says: “The Company makes safe harbor matching contributions of 100% of the first 3% of eligible compensation and 50% of the next 3% to 5% of eligible compensation that a participant contributes to the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Nelnet 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 36 says: “Participants are immediately 100% vested in all salary deferral contributions, safe harbor matching contributions, and discretionary non-elective contributions.”
Who manages the Nelnet 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Union Bank & Trust Company. The plan administrator is Nelnet, Inc..
I left Nelnet. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Nelnet, Inc., (402) 458-2303) or the recordkeeper, Union Bank & Trust Company. The Nelnet old 401(k) page lists the contacts from every plan filing. Find an old Nelnet 401(k)
Data from the public Form 5500 annual reports Nelnet 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 Nelnet. Not financial advice. Report a correction · Methodology