PNC Financial Services Group 401(k) match, vesting and fees
What PNC Financial Services Group's 401(k) plan says about matching contributions
The Plan provides for an employer matching contribution equal to 100 percent of the participant’s contributions (excluding catch-up contributions) up to 4 percent of the participant’s eligible compensation, subject to limitations of the IRC. Employer matching contributions will only apply to those participants who have completed a six-month service period. Generally, participants who earn less than $50,000 of eligible compensation a year will receive a minimum employer matching contribution equal to at least $2,000 as long as the participant contributes at least 4 percent of his or her eligible compensation every pay period throughout the year and remains employed on the last business day of the year. This minimum employer match is prorated for part-time employees and those eligible for matching contributions under the Plan for less than a full year. Employer matching contributions are subject to certain limitations, as defined in the plan document.
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. 31 ↗ |
| Match vesting | Participants are generally subject to a three year cliff vesting schedule with respect to all employer contributions. | Audit report, p. 32 ↗ |
| Automatic enrollment | The Plan provides for an automatic enrollment feature. Impacted participants must actively elect to opt out within 30 days (35 days effective January 1, 2025) after the date they became eligible. Employees who neither opt-out nor make an alternate affirmative election, are automatically enrolled in the Plan at a contribution rate of 4 percent invested in the target date fund that aligns with their attainment of age 65. Effective January 1, 2025, the automatic enrollment contribution rate increased from 4 percent to 6 percent. | Audit report, p. 31 ↗ |
| Roth contributions | Each year, participants in the Plan may contribute any amount from 1 percent to 75 percent of their eligible compensation, as defined by the Plan, as pre-tax or Roth elective deferrals, subject to limitations of the Internal Revenue Code (IRC). Participants who are age 50 or older (or who will become age 50 by the end of the plan year) may make additional pre-tax or Roth elective deferrals, referred to as catch-up contributions, subject to the limitations of the IRC. Participants may also contribute amounts representing distributions from other eligible retirement plans as rollover contributions. The Plan allows participants to convert all or a portion of their existing non-Roth vested account to Roth. | Audit report, p. 31 ↗ |
| Loans | Participants may borrow from their individual accounts in an amount equal to a minimum of $500 up to a maximum equal to the lesser of $50,000 less the highest outstanding note balance during the past year or 50 percent of their vested account balance. Terms generally range from 1 to 5 years or up to 15 years for the purchase of a primary residence. Borrowings are secured by the balance in the participant's plan account and bear interest at rates ranging from 2.33 percent to 9.53 percent at December 31, 2024. The interest rate on the borrowings is generally based upon the prime rate (Reuters Prime effective January 1, 2025) of interest plus 1.00 percent. | Audit report, p. 32 ↗ |
| Recordkeeper | Alight Solutions | Schedule C ↗ |
| Independent auditor | Baker Tilly US, 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 19 defined-contribution plans in finance and insurance with 50,000 or more participants.
| PNC Financial Services Group: employer contribution per participant | $2,344 | |
| Peer median | $3,368 |
| PNC Financial Services Group: average balance | $134,705 | |
| Peer median | $160,346 |
| PNC Financial Services Group: admin expenses ÷ assets | 0.08% | |
| 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 $9.3B at the end of plan year 2023 to $10.2B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 75,644 | $10.2B | $177M | $2,344 | 0.08% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
| 2023 | 79,485 | $9.3B | $186M | $2,377 | 0.08% | Not published | Form 5500 ↗ |
Other PNC Financial Services Group plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
The PNC Financial Services Group, Inc. 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.
| Recordkeeper | Alight Solutions LLC | Schedule C ↗ |
| Independent auditor | Baker Tilly US, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does PNC Financial Services Group match 401(k) contributions?
The audit report attached to the The PNC Financial Services Group, Inc. Incentive Savings Plan's plan year 2024 Form 5500, page 31 says: “The Plan provides for an employer matching contribution equal to 100 percent of the participant’s contributions (excluding catch-up contributions) up to 4 percent of the participant’s eligible compensation, subject to limitations of the IRC. Employer matching contributions will only apply to those participants who have completed a six-month service period. Generally, participants who earn less than $50,000 of eligible compensation a year will receive a minimum employer matching contribution equal to at least $2,000 as long as the participant contributes at least 4 percent of his or her eligible compensation every pay period throughout the year and remains employed on the last business day of the year. This minimum employer match is prorated for part-time employees and those eligible for matching contributions under the Plan for less than a full year. Employer matching contributions are subject to certain limitations, as defined in the plan document.” Plan terms may have changed; check your current Summary Plan Description.
When is the PNC Financial Services Group 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 32 says: “Participants are generally subject to a three year cliff vesting schedule with respect to all employer contributions.”
Who manages the PNC Financial Services Group 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Alight Solutions. The plan administrator is The PNC Financial Services Group, Inc. Administrative Committee.
I left PNC Financial Services Group. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (The PNC Financial Services Group, Inc. Administrative Committee, (412) 807-6258) or the recordkeeper, Alight Solutions. The PNC Financial Services Group old 401(k) page lists the contacts from every plan filing. Find an old PNC Financial Services Group 401(k)
Data from the public Form 5500 annual reports PNC Financial Services Group 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 PNC Financial Services Group. Not financial advice. Report a correction · Methodology