Parker Hannifin 401(k) match, vesting and fees
What Parker Hannifin's 401(k) plan says about matching contributions
The Company generally contributes matching contributions to provide an amount equal to 100 percent of the first five percent of participants' pre-tax or Roth contributions. The Company does not match after-tax contributions. Participants may direct their Company matching funds to any investment fund within the Plan; the default option is the investment fund designated by the Company's Investment Committee. Matching contributions made in company stock are held in an Employee Stock Ownership Plan (ESOP). Similar to participant contributions, Company matching contributions may be changed at any time.
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. 142 ↗ |
| Match vesting | Contributions are always fully vested, except for the RIA contributions. Upon completion of three years of employment, RIA contributions become fully vested and may be withdrawn from the Plan only after termination. | Audit report, p. 144 ↗ |
| Automatic enrollment | Employees are eligible for participation in the Plan from their date of hire and are generally automatically enrolled in the Plan after completion of 30 days from the initial hire or rehire date. | Audit report, p. 141 ↗ |
| Roth contributions | Participants can elect to make before-tax, after-tax, and/or Roth contributions. | Audit report, p. 141 ↗ |
| Loans | Generally, the Plan has a loan provision which allows active participants to borrow a minimum of five hundred dollars up to the lesser of (a) 50 percent of their account balance or (b) fifty thousand dollars less the largest outstanding loan balance in the last 12 months. Participants may not borrow or withdraw any funds from their RIA account. Participant loans must be repaid over a period from one year to 4 1/2 years for general purpose loans and up to 10 years for residential loans. The applicable interest rate is equal to one percent above the published prime rate on the last day of the previous quarter. Due to various acquired plan transfers, some participant loans may have interest rates and repayment terms that differ from the Plan’s loan provisions. Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Upon final liquidation of participant accounts, delinquent loans are reclassified as distributions. | Audit report, p. 143 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Bober, Markey, Fedorovich & Company (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.
| Parker Hannifin: employer contribution per participant | $4,638 | |
| Peer median | $3,733 |
| Parker Hannifin: average balance | $220,992 | |
| Peer median | $157,962 |
| Parker Hannifin: admin expenses ÷ assets | 0.04% | |
| 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 $7.2B at the end of plan year 2023 to $9B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 42,434 | $9B | $189M | $4,638 | 0.04% | Quoted in the audit report, p. 142 ↗ | Form 5500 ↗ |
| 2023 | 38,313 | $7.2B | $182M | $4,912 | 0.03% | Not published | Form 5500 ↗ |
Other Parker Hannifin plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Parker Defined Benefit Pension 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 | Bober, Markey, Fedorovich & Company (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Parker Hannifin match 401(k) contributions?
The audit report attached to the Parker Retirement Savings Plan's plan year 2024 Form 5500, page 142 says: “The Company generally contributes matching contributions to provide an amount equal to 100 percent of the first five percent of participants' pre-tax or Roth contributions. The Company does not match after-tax contributions. Participants may direct their Company matching funds to any investment fund within the Plan; the default option is the investment fund designated by the Company's Investment Committee. Matching contributions made in company stock are held in an Employee Stock Ownership Plan (ESOP). Similar to participant contributions, Company matching contributions may be changed at any time.” Plan terms may have changed; check your current Summary Plan Description.
When is the Parker Hannifin 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 144 says: “Contributions are always fully vested, except for the RIA contributions. Upon completion of three years of employment, RIA contributions become fully vested and may be withdrawn from the Plan only after termination.”
Who manages the Parker Hannifin 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Parker Hannifin Corporation.
I left Parker Hannifin. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Parker Hannifin Corporation, (216) 896-3000) or the recordkeeper, Fidelity Investments Institutional. The Parker Hannifin old 401(k) page lists the contacts from every plan filing. Find an old Parker Hannifin 401(k)
Data from the public Form 5500 annual reports Parker Hannifin 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 Parker Hannifin. Not financial advice. Report a correction · Methodology