Wegmans Food Markets 401(k) match, vesting and fees
What Wegmans Food Markets' 401(k) plan says about matching contributions
The Company makes a matching contribution equal to a percentage of the participant’s elective deferrals. For the year ended December 31, 2024 and for the period from July 1, 2023 through December 31, 2023, the Company made a matching contribution equal to 50% of the participant’s elective deferrals up to 6% of the participant’s eligible compensation. The Company’s matching contribution is made on a quarterly basis. For the year ended December 31, 2024 and for the period from July 1, 2023 through December 31, 2023, matching contributions totaled $34,705,070 and $16,363,043, respectively.
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. 94 ↗ |
| Match vesting | Vesting—Participants are immediately vested in their elective deferrals, rollover contributions, the Company’s matching contributions and actual earnings thereon. Vesting in the Company’s discretionary contribution portion of their account plus earnings is based on years of service. A participant is 100% vested after three years of service. If a participant terminates employment due to total disability or death, they will become fully vested in the Company’s discretionary contributions, regardless of length of service. If a participant terminates employment on or after age 60 with at least five years of participation in the Plan, they will become fully vested in the Company’s discretionary contributions. | Audit report, p. 94 ↗ |
| Roth contributions | Effective January 1, 2025, the Plan has been amended to allow for Roth elective contributions to be made to the Plan. | Audit report, p. 99 ↗ |
| Loans | Notes Receivable from Participants—Participants may borrow up to 50% of their account balances. The minimum loan withdrawal is $1,000, and the maximum loan balance is $50,000 less the highest outstanding balance of a loan made during the one-year period prior to the new loan. Participants are charged a $50 loan fee for each new loan and may only have one outstanding loan at a time. The terms of each loan are set by the Administrator, within the Code, in a uniform and nondiscriminatory manner. Note repayment terms range up to a maximum of five years, unless used for the purpose of purchasing a participant’s principal residence. Interest is charged at a fixed rate, as determined by the Administrator, commensurate with the rates charged by persons in the business of lending money for loans which would be made under similar circumstances. Principal and interest is paid ratably through payroll deductions with the entire balance due immediately upon the participant’s termination of employment with the Company. As of December 31, 2024, participant loans have maturities through 2039 and interest rates ranging from 4.25% to 9.50%. | Audit report, p. 94 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Deloitte & Touche 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 87 defined-contribution plans in retail trade with 10,000 to 49,999 participants.
| Wegmans Food Markets: employer contribution per participant | $2,074 | |
| Peer median | $1,215 |
| Wegmans Food Markets: average balance | $85,257 | |
| Peer median | $48,539 |
| Wegmans Food Markets: admin expenses ÷ assets | 0.01% | |
| Peer median | 0.12% |
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 $3B at the end of plan year 2023 to $3.4B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 65,574 | $3.4B | $82.7M | $2,074 | 0.01% | Quoted in the audit report, p. 94 ↗ | Form 5500 ↗ |
| 2023 | 52,123 | $3B | $38.8M | $993 | — | Not published | Form 5500 ↗ |
Common questions
Does Wegmans Food Markets match 401(k) contributions?
The audit report attached to the The Wegmans Retirement Plans's plan year 2024 Form 5500, page 94 says: “The Company makes a matching contribution equal to a percentage of the participant’s elective deferrals. For the year ended December 31, 2024 and for the period from July 1, 2023 through December 31, 2023, the Company made a matching contribution equal to 50% of the participant’s elective deferrals up to 6% of the participant’s eligible compensation. The Company’s matching contribution is made on a quarterly basis. For the year ended December 31, 2024 and for the period from July 1, 2023 through December 31, 2023, matching contributions totaled $34,705,070 and $16,363,043, respectively.” Plan terms may have changed; check your current Summary Plan Description.
When is the Wegmans Food Markets 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 94 says: “Vesting—Participants are immediately vested in their elective deferrals, rollover contributions, the Company’s matching contributions and actual earnings thereon. Vesting in the Company’s discretionary contribution portion of their account plus earnings is based on years of service. A participant is 100% vested after three years of service. If a participant terminates employment due to total disability or death, they will become fully vested in the Company’s discretionary contributions, regardless of length of service. If a participant terminates employment on or after age 60 with at least five years of participation in the Plan, they will become fully vested in the Company’s discretionary contributions.”
Who manages the Wegmans Food Markets 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Wegmans Food Markets Inc..
I left Wegmans Food Markets. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Wegmans Food Markets Inc., (585) 328-2550) or the recordkeeper, Fidelity Investments Institutional. The Wegmans Food Markets old 401(k) page lists the contacts from every plan filing. Find an old Wegmans Food Markets 401(k)
Data from the public Form 5500 annual reports Wegmans Food Markets 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 Wegmans Food Markets. Not financial advice. Report a correction · Methodology