State Farm Mutual Automobile Insurance 401(k) match, vesting and fees
What State Farm Mutual Automobile Insurance's 401(k) plan says about matching contributions
Classic Members: On an annual basis, the Companies will match a Classic Employee’s qualifying Salary Deferral Contributions, dollar for dollar, up to $900. This Matching Contribution will be made on or before April 1 of the year following the Plan Year. Enhanced Members: Enhanced Employees are eligible for Company Matching Contributions if they have 6 months of Vesting Service. On each payday, the Companies will match an eligible Enhanced Employee’s Salary Deferral Contribution (excluding Catch-Up Contributions) up to 4% of eligible compensation. Also, on an annual basis, the Companies will compare: 4% of eligible compensation and the Employee’s eligible Salary Deferral Contributions (ignoring eligible compensation and contributions during the initial 6 months of Vesting Service) to determine if an additional Matching True-Up Contribution is needed. Matching True-Up Contributions will be made on or before April 1 of the year following the Plan Year.
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. 34 ↗ |
| Roth contributions | While an active employee, the following types of withdrawals may be available: Non-Hardship Withdrawal, Hardship Withdrawal, Withdrawal of Rollover Contributions, Withdrawal of Roth 401(k) Rollover Contributions, Age 59 1/2 Withdrawal, Roth Age 59 1/2 Withdrawal, Active Military Withdrawal, and Qualified Military Reservist Distribution. | Audit report, p. 35 ↗ |
| Loans | The Plan allows participants who are active employees to take a loan against their 401(k) Savings Plan account, up to a maximum of the lesser of $50,000, or 50% of their account balance. The loans are secured by the balance in the participant’s account. The interest rate is calculated based on the prime rate plus 1% and is fixed for the duration of the loan. Outstanding loans bear rates that range from 4.25% - 9.50%. The maximum loan term is 60 months (120 months in the case of a primary residence loan) and existing maturity dates range through 2034. | Audit report, p. 35 ↗ |
| Recordkeeper | The Vanguard Group, Inc. | Schedule C ↗ |
| Independent auditor | Pricewaterhousecoopers (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 19 defined-contribution plans in finance and insurance with 50,000 or more participants.
| State Farm Mutual Automobile Insurance: employer contribution per participant | $1,436 | |
| Peer median | $3,368 |
| State Farm Mutual Automobile Insurance: average balance | $190,574 | |
| Peer median | $160,346 |
| State Farm Mutual Automobile Insurance: admin expenses ÷ assets | <0.01% | |
| 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 $16.9B at the end of plan year 2023 to $19B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 101,896 | $19B | $143M | $1,436 | <0.01% | Quoted in the audit report, p. 34 ↗ | Form 5500 ↗ |
| 2023 | 102,869 | $16.9B | $105M | $1,047 | <0.01% | Not published | Form 5500 ↗ |
Other State Farm Mutual Automobile Insurance plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
State Farm Insurance Companies Retirement Plan for United States Employees
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 | Pricewaterhousecoopers (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does State Farm Mutual Automobile Insurance match 401(k) contributions?
The audit report attached to the State Farm 401(k) Savings Plan's plan year 2024 Form 5500, page 34 says: “Classic Members: On an annual basis, the Companies will match a Classic Employee’s qualifying Salary Deferral Contributions, dollar for dollar, up to $900. This Matching Contribution will be made on or before April 1 of the year following the Plan Year. Enhanced Members: Enhanced Employees are eligible for Company Matching Contributions if they have 6 months of Vesting Service. On each payday, the Companies will match an eligible Enhanced Employee’s Salary Deferral Contribution (excluding Catch-Up Contributions) up to 4% of eligible compensation. Also, on an annual basis, the Companies will compare: 4% of eligible compensation and the Employee’s eligible Salary Deferral Contributions (ignoring eligible compensation and contributions during the initial 6 months of Vesting Service) to determine if an additional Matching True-Up Contribution is needed. Matching True-Up Contributions will be made on or before April 1 of the year following the Plan Year.” Plan terms may have changed; check your current Summary Plan Description.
When is the State Farm Mutual Automobile Insurance 401(k) match vested?
The vesting schedule for the State Farm 401(k) Savings Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the State Farm Mutual Automobile Insurance 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is The Vanguard Group, Inc.. The plan administrator is Pension Administrative Committee.
I left State Farm Mutual Automobile Insurance. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Pension Administrative Committee, (309) 763-5911) or the recordkeeper, The Vanguard Group, Inc.. The State Farm Mutual Automobile Insurance old 401(k) page lists the contacts from every plan filing. Find an old State Farm Mutual Automobile Insurance 401(k)
Data from the public Form 5500 annual reports State Farm Mutual Automobile Insurance 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 State Farm Mutual Automobile Insurance. Not financial advice. Report a correction · Methodology