Northwestern Mutual Life Ins.Co 401(k) match, vesting and fees
What Northwestern Mutual Life Ins.Co's 401(k) plan says about matching contributions
As of January 1, 2021, the matching contribution was suspended and replaced by additional contribution credits to the Northwestern Mutual Employee Retirement 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. 37 ↗ |
| Loans | A participant may borrow from his or her Plan account a minimum of $1,000, up to a maximum equal to the lesser of $50,000 or 50% of the vested and nonforfeitable portion of the participant’s account balance. Loan terms are up to 5 years or, for the purchase of a primary residence, 20 years. Loans are secured by the vested and nonforfeitable portion of the participant’s account and bear interest at the prime rate plus 2% effective on the first business day of the month in which the loan application is made. Interest rates on loans outstanding at December 31, 2024 range from 5.25% to 10.50%. Principal and interest are repaid ratably through payroll deductions. A loan becomes due and payable in full upon the participant’s termination of service. Due to the limitations on amounts eligible for loans, no allowance for credit losses needed to be recorded as of December 31, 2024 or 2023. | Audit report, p. 37 ↗ |
| Recordkeeper | The Vanguard Group, Inc. | Schedule C ↗ |
| Independent auditor | Wipfli, LLP (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.
| Northwestern Mutual Life Ins.Co: employer contribution per participant | — | |
| Peer median | $3,632 |
| Northwestern Mutual Life Ins.Co: average balance | $229,671 | |
| Peer median | $158,797 |
| Northwestern Mutual Life Ins.Co: admin expenses ÷ assets | 0.02% | |
| 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 $2.7B at the end of plan year 2023 to $2.9B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 12,763 | $2.9B | — | — | 0.02% | Quoted in the audit report, p. 37 ↗ | Form 5500 ↗ |
| 2023 | 12,786 | $2.7B | — | — | 0.02% | Not published | Form 5500 ↗ |
Other Northwestern Mutual Life Ins.Co plans (3)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
The Northwestern Mutual Life Insurance Company Agents Persistency Fee Guarantee Fund
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 | The Vanguard Group, Inc. | Schedule C ↗ |
| Independent auditor | Wipfli, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
The Northwestern Mutual Employee 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 | Wipfli LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
The Northwestern Mutual Life Insurance Company Agents 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 | Wipfli LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Northwestern Mutual Life Ins.Co match 401(k) contributions?
The audit report attached to the The Northwestern Mutual Employee Savings Plan's plan year 2024 Form 5500, page 37 says: “As of January 1, 2021, the matching contribution was suspended and replaced by additional contribution credits to the Northwestern Mutual Employee Retirement Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Northwestern Mutual Life Ins.Co 401(k) match vested?
The vesting schedule for the The Northwestern Mutual Employee Savings Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Northwestern Mutual Life Ins.Co 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is The Vanguard Group, Inc.. The plan administrator is Todd Smasal Vp - Ttl Rwds & Talent.
I left Northwestern Mutual Life Ins.Co. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Todd Smasal Vp - Ttl Rwds & Talent, (414) 665-2606) or the recordkeeper, The Vanguard Group, Inc.. The Northwestern Mutual Life Ins.Co old 401(k) page lists the contacts from every plan filing. Find an old Northwestern Mutual Life Ins.Co 401(k)
Data from the public Form 5500 annual reports Northwestern Mutual Life Ins.Co 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 Northwestern Mutual Life Ins.Co. Not financial advice. Report a correction · Methodology