PepsiCo 401(k) match, vesting and fees
What PepsiCo's 401(k) plan says about matching contributions
Salaried employees who are actively accruing benefits, or in a waiting period to actively accrue benefits, under a Company-sponsored defined benefit pension plan are currently not eligible for Company matching or non-matching contributions in the Plan. Benefits will be frozen for salaried employees who are actively accruing benefits under a Company-sponsored defined benefit pension plan effective December 31, 2025, and they will become eligible for Company matching and non-matching contributions as of January 1, 2026. In general, for eligible employees, the Company matches 50% of employee contributions up to a limit ranging from 4% to 8% of eligible pay based on years of service, which is invested in accordance with employee elections. Company non-matching contributions are based on age and years of service regardless of employee contribution, up to a maximum of 9% of eligible employee pay. Company non-matching contributions are invested in accordance with the employee's investment elections; however, they may not be invested in the self-directed brokerage option or the PepsiCo Common Stock Fund. Effective January 1, 2023, certain eligible hourly employees who are participants in a Company-sponsored defined benefit plan will receive Company non-matching contributions ranging from 6% to 8% of eligible pay above a certain threshold depending on years of service. Eligible union employees may receive different Company matching and other Company contribution amounts.
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. 29 ↗ |
| Match vesting | Participants are immediately vested in their own contributions and associated investment earnings/losses. In general, participants are fully vested in the Company contributions and associated investment earnings/ losses after three years of service. Forfeited non-vested amounts are used to reduce future Company contributions or pay plan administrative expenses. The forfeited non-vested amounts used to reduce Company contributions were $38.2 million in 2024. As of December 31, 2024 and 2023, remaining unused forfeited non-vested accounts totaled $4.2 million and $0.2 million, respectively. | Audit report, p. 29 ↗ |
| Automatic enrollment | The Plan has an automatic enrollment program for full-time and part-time hires. Under the program, eligible employees automatically make pre-tax contributions in the amount of 4% to 10% of earnings. Employees that are automatically enrolled have their contribution invested in a target date fund, based on a target date closest to the employee's 65th birthday. An employee may elect out of the automatic enrollment program at any time, as well as make changes to (or maintain) the level of contributions and may re-direct how those contributions are invested. | Audit report, p. 29 ↗ |
| Roth contributions | The Plan also has a Roth 401(k) feature. | Audit report, p. 28 ↗ |
| Loans | In general, participants who have a vested balance of $2,000 or more in the Plan may borrow from the total of their investment accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 (subject to certain offsets for prior loans) or 50% of their vested balance. A participant may have two outstanding loans at a time only if one of them is a principal residence loan. Loan terms range from one to five years for personal loans and up to 15 years for loans related to the purchase of a primary residence. The loans are secured by the balance in the participant's account. Loans issued before January 1, 2013 bear a fixed rate of interest at the prime lending rate plus 1% at the time the loans were issued. Loans issued on or after January 1, 2013 bear a fixed rate of interest at the prime lending rate plus 2% at the time the loans are issued. Loan repayments are made directly through payroll deductions and are applied first to interest and then to principal according to a payment schedule. There were 44,446 and 41,485 loans outstanding at December 31, 2024 and 2023, respectively, with interest rates ranging from 3.3% to 10.5% with maturities through 2040 and 2038, respectively. | Audit report, p. 29 ↗ |
| Recordkeeper | Fidelity Invts. Instl. Ops. Co LLC | Schedule C ↗ |
| Independent auditor | KPMG LLP (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 28 defined-contribution plans in manufacturing with 50,000 or more participants.
| PepsiCo: employer contribution per participant | $2,593 | |
| Peer median | $4,356 |
| PepsiCo: average balance | $93,487 | |
| Peer median | $263,591 |
| PepsiCo: admin expenses ÷ assets | 0.01% | |
| Peer median | 0.01% |
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 $13.7B at the end of plan year 2023 to $14.9B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 167,015 | $14.9B | $414M | $2,593 | 0.01% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 174,823 | $13.7B | $362M | $2,185 | 0.02% | Not published | Form 5500 ↗ |
Other PepsiCo plans (3)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Pepsico Puerto Rico Savings and 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 | Fidelity Investments Instl Ops Co | Schedule C ↗ |
| Independent auditor | KPMG LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
Pepsico, Inc. Employees Retirement Plan H
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 | Northern Trust Company | Schedule C ↗ |
| Independent auditor | KPMG, Llp. (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Pepsico Employees Retirement Plan I
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 | Northern Trust Company | Schedule C ↗ |
| Independent auditor | KPMG, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Common questions
Does PepsiCo match 401(k) contributions?
The audit report attached to the The Pepsico Savings Plan's plan year 2024 Form 5500, page 29 says: “Salaried employees who are actively accruing benefits, or in a waiting period to actively accrue benefits, under a Company-sponsored defined benefit pension plan are currently not eligible for Company matching or non-matching contributions in the Plan. Benefits will be frozen for salaried employees who are actively accruing benefits under a Company-sponsored defined benefit pension plan effective December 31, 2025, and they will become eligible for Company matching and non-matching contributions as of January 1, 2026. In general, for eligible employees, the Company matches 50% of employee contributions up to a limit ranging from 4% to 8% of eligible pay based on years of service, which is invested in accordance with employee elections. Company non-matching contributions are based on age and years of service regardless of employee contribution, up to a maximum of 9% of eligible employee pay. Company non-matching contributions are invested in accordance with the employee's investment elections; however, they may not be invested in the self-directed brokerage option or the PepsiCo Common Stock Fund. Effective January 1, 2023, certain eligible hourly employees who are participants in a Company-sponsored defined benefit plan will receive Company non-matching contributions ranging from 6% to 8% of eligible pay above a certain threshold depending on years of service. Eligible union employees may receive different Company matching and other Company contribution amounts.” Plan terms may have changed; check your current Summary Plan Description.
When is the PepsiCo 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 29 says: “Participants are immediately vested in their own contributions and associated investment earnings/losses. In general, participants are fully vested in the Company contributions and associated investment earnings/ losses after three years of service. Forfeited non-vested amounts are used to reduce future Company contributions or pay plan administrative expenses. The forfeited non-vested amounts used to reduce Company contributions were $38.2 million in 2024. As of December 31, 2024 and 2023, remaining unused forfeited non-vested accounts totaled $4.2 million and $0.2 million, respectively.”
Who manages the PepsiCo 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Invts. Instl. Ops. Co LLC. The plan administrator is Pepsico Administration Committee.
I left PepsiCo. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Pepsico Administration Committee, (914) 253-2000) or the recordkeeper, Fidelity Invts. Instl. Ops. Co LLC. The PepsiCo old 401(k) page lists the contacts from every plan filing. Find an old PepsiCo 401(k)
Data from the public Form 5500 annual reports PepsiCo 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 PepsiCo. Not financial advice. Report a correction · Methodology