Medtronic plc 401(k) match: 3% max
Medtronic Savings and Investment Plan · MDT · CIK 1613103
Maximum employer match, as a share of pay
3%
Medtronic plc matches 50% of the first 6% of pay.
Medtronic filed four Form 11-K reports for plan year 2025, of which one has been read. The other three reports have not, so this page cannot say what the plans they cover pay.
From the Form 11-K/A filed October 24, 2025 ↗, covering the plan year ended April 30, 2025. Page data last updated July 28, 2026, when the Form 5500 bulk data was last refreshed. Why filings lag
On this page: what the employer actually paid in · the formula, word for word · when the money becomes yours · who can join · what the plan reports to the DOL · how it compares · what to do next
What Medtronic puts in, and what the plan costs
What Medtronic put into the plan, per active participant
$9,093
Medtronic plc put $9,093 into this plan for each of its 38,035 active participants in plan year 2024. This is the whole employer side of the plan: matching money, profit sharing, non-elective and safe-harbor contributions, and reallocated forfeitures. The Form 5500 does not separate them, so this is what the employer put in and not the match.
Medtronic put in more per active participant than 91% of plans with 5,000+ participants in medical devices and other manufacturing. The middle plan in that group of 81 reported $4,432. Medical devices and other manufacturing comes from business code 339110, which Medtronic entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
What this figure cannot separate: how much Medtronic pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: DOL Form 5500 for the plan year ended April 30, 2025, EIN 410793183, plan 005 · DOL EFAST2 ↗
The $9,093 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. Medtronic plc also files a Form 11-K, which states the match formula for plan year 2025: the card below reads $1,485 a year at a $49,500 salary, and the same filing states employer contributions made outside the match. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What Medtronic puts in
$1,485
a year, at a $49,500 salary.
The match paragraph, word for word
“Employer matching contributions are based on each participant's 401(k) Component contributions, up to 6% of eligible compensation, and are made each pay period in the amount of 50% of these contributions. At the end of the plan year, the Company may make an additional matching contribution for each dollar participants contribute, up to 6% of eligible compensation (True-Up Contribution). The True-Up Contribution is based upon the achievement of certain Medtronic plc performance goals and is made at the discretion of the Company. Participants must be employed by the Company on the last day of the plan year in order to receive the True-Up Contribution, if any. This employment requirement does not apply to those participants that prior to the year ended April 30 have died or have had termination of employment either on or after the participant (i) attained age 55 and completed ten years of service or (ii) attained age 62 regardless of years of service. Company matching contributions are allocated into the same investments as elective contributions. For the year ended April 30, 2025, the Company made a True-Up Contribution in the amount of 17.3% of the participant contributions not to exceed 6% of eligible compensation.”
What you contribute to collect all of it
Contribute at least 6% of your pay to collect the full match.
That is $2,970 a year at a $49,500 salary, and it scales with your own.
Vesting score
57.14 out of 100
How fast the employer’s money becomes yours. Higher than 4% of the 253 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 0%, 0%, 0%, 100%, 100%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Participants are 100% vested in their contributions, including earnings and losses thereon, at all times. Under the 401(k) Component, ESOP, PIA and MCC, active participants vest in Company contributions, including earnings and losses thereon, after completion of three years of service. Participants hired prior to January 1, 2016, vest in Company contributions under the 401(k) Component, ESOP, PIA and MCC, including earnings and losses thereon, at a rate of 20% per year and become fully vested in all Company matching contributions after three years. Participants also become fully vested upon attaining age 62, death, total disability, termination of the Plan, or complete discontinuance of employer contributions.”
The plan tops the match up after year end, so contributing unevenly through the year does not cost the worker part of it.
The same match paragraph, word for word
“Employer matching contributions are based on each participant's 401(k) Component contributions, up to 6% of eligible compensation, and are made each pay period in the amount of 50% of these contributions. At the end of the plan year, the Company may make an additional matching contribution for each dollar participants contribute, up to 6% of eligible compensation (True-Up Contribution). The True-Up Contribution is based upon the achievement of certain Medtronic plc performance goals and is made at the discretion of the Company. Participants must be employed by the Company on the last day of the plan year in order to receive the True-Up Contribution, if any. This employment requirement does not apply to those participants that prior to the year ended April 30 have died or have had termination of employment either on or after the participant (i) attained age 55 and completed ten years of service or (ii) attained age 62 regardless of years of service. Company matching contributions are allocated into the same investments as elective contributions. For the year ended April 30, 2025, the Company made a True-Up Contribution in the amount of 17.3% of the participant contributions not to exceed 6% of eligible compensation.”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
Not reported
The Form 5500 filing does not report the plan-paid administrative expenses this figure needs.
What is Medtronic's 401(k) match formula?
Medtronic's 401(k) employer match tops out at 3% of pay. The match is deposited each payroll and the plan pays an annual true-up. What an annual true-up repays is the arithmetic behind that line: it matters most in a year when contributions land unevenly.
| Match formula | 50% of the first 6% of pay |
|---|---|
| Maximum employer match | 3% of compensation |
| Rate actually paid this plan yearAs reported in the filing. | For the year ended April 30, 2025 the Company made a discretionary True-Up Contribution of 17.3% of participant contributions, not to exceed 6% of eligible compensation, in addition to the 50% per-pay-period match |
| True-upA year-end recalculation that repays match lost to uneven contributions. | Yes, annual true-up |
| Deposited | Each payroll |
| Paid in company stock | No, paid in cash or per your investment elections |
| Conditions | The discretionary True-Up Contribution is based on achievement of Medtronic plc performance goals and requires employment on the last day of the plan year, waived for death, or termination after age 55 with ten years of service or after age 62 |
| Other employer contribution | Personal Investment Account (PIA): 5% of eligible compensation for grandfathered participants who joined before January 1, 2016 (or certain rehires before July 1, 2020) and elected the PIA |
| Other employer contribution | Medtronic Core Contribution (MCC): 3% of eligible compensation for participants hired on or after January 1, 2016 or rehired after June 30, 2020, and former Covidien employees; both PIA and MCC require employment on the last day of the plan year with the same age 55 plus ten years, age 62, and death exceptions |
At a $90,000 salary, contributing 6% ($5,400) earns the full employer match of $2,700 for the year.
What the filing says, word for word
“Employer matching contributions are based on each participant's 401(k) Component contributions, up to 6% of eligible compensation, and are made each pay period in the amount of 50% of these contributions. At the end of the plan year, the Company may make an additional matching contribution for each dollar participants contribute, up to 6% of eligible compensation (True-Up Contribution). The True-Up Contribution is based upon the achievement of certain Medtronic plc performance goals and is made at the discretion of the Company. Participants must be employed by the Company on the last day of the plan year in order to receive the True-Up Contribution, if any. This employment requirement does not apply to those participants that prior to the year ended April 30 have died or have had termination of employment either on or after the participant (i) attained age 55 and completed ten years of service or (ii) attained age 62 regardless of years of service. Company matching contributions are allocated into the same investments as elective contributions. For the year ended April 30, 2025, the Company made a True-Up Contribution in the amount of 17.3% of the participant contributions not to exceed 6% of eligible compensation.”
Source: Form 11-K/A filed October 24, 2025, SEC EDGAR, corroborated by the filing's inline-XBRL facts · SEC ↗
What is Medtronic's 401(k) vesting schedule?
Medtronic vests the employer match on a cliff schedule: nothing is yours until three years of service, then 100% at once. Leave a day early and the employer money goes back to the plan, the edge a three-year cliff creates.
| Employer match vesting | Cliff: 100% vested after 3 years of service |
|---|---|
| Your own contributions | Immediate: always 100% yours |
| Accelerated vesting | Full vesting upon attaining age 62, death, total disability, Plan termination, or complete discontinuance of employer contributions. Participants hired prior to January 1, 2016 vest at 20% per year and become fully vested after three years |
| Other employer contributions | ESOP, PIA and MCC employer contributions vest under the same three-year schedule as the 401(k) Component match |
Vesting, word for word
“Participants are 100% vested in their contributions, including earnings and losses thereon, at all times. Under the 401(k) Component, ESOP, PIA and MCC, active participants vest in Company contributions, including earnings and losses thereon, after completion of three years of service. Participants hired prior to January 1, 2016, vest in Company contributions under the 401(k) Component, ESOP, PIA and MCC, including earnings and losses thereon, at a rate of 20% per year and become fully vested in all Company matching contributions after three years. Participants also become fully vested upon attaining age 62, death, total disability, termination of the Plan, or complete discontinuance of employer contributions.”
Source: Form 11-K/A filed October 24, 2025, SEC EDGAR · SEC ↗
Who can join Medtronic's 401(k), and is enrollment automatic?
Medtronic enrolls new hires automatically at 6% of pay, rising 1% a year to 10% of pay.
| Plan entry | All eligible regular full-time and part-time employees immediately upon hire; other eligible employees after completing one year of service in a consecutive 12-month period |
|---|---|
| Automatic enrollment | Yes: default deferral 6% of pay; 60-day opt-out window; auto-escalation +1%/yr to 10% |
Eligibility, word for word
“Generally, the Plan is available to all eligible regular full-time and part-time employees immediately upon hire. Eligible employees other than regular full- or part-time employees are eligible to receive contributions after completing one year of service in a consecutive 12-month period, as defined by the Plan document.”
Automatic enrollment, word for word
“Newly hired eligible employees are automatically enrolled in the 401(k) Component of the Plan at a pre-tax contribution rate of 6% of their eligible compensation, unless otherwise elected by the employee. This automatic enrollment occurs 60 days after the employee becomes eligible to participate, as defined above. The participant contribution rate will increase annually at a rate of 1% until the participant reaches a maximum contribution rate of 10%, subject to statutory limits. Employees who do not wish to participate in the 401(k) Component of the Plan have the option to opt out within the 60 days prior to automatic enrollment.”
Source: Form 11-K/A filed October 24, 2025, SEC EDGAR · SEC ↗
What does the Medtronic plan report on Form 5500?
The Medtronic plan reported $13.7B in assets and 56,318 participants for plan year 2024.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
| Plan named in the DOL record | Medtronic Savings And Investment Plan |
|---|---|
| Total plan assets | $13,719,378,000 |
| Participants | 56,318 |
| Recordkeeper | Fidelity Investments |
How that cost compares
It is one of 1,455 plans in medical devices and other manufacturing in the Form 5500 data we publish.
The plan reports Fidelity Investments as its recordkeeper, one of 10,593 plans it runs in the data we publish. Of those, the 10,022 with a computable fee have a median plan-paid cost of $97.71 per participant.
Medtronic Savings And Investment Plan on its Form 5500 filing: fees, providers and financials
How does Medtronic's 401(k) match compare?
Medtronic plc's maximum 401(k) match of 3% of pay compares with a median of 4.5% across the 181 companies in our data with a computable formula.
Employers worth reading next
Of the six employers below, three file in medical devices and other manufacturing, two report the same recordkeeper and one vests on the same schedule.
Maximum match 3% of pay. Also in medical devices and other manufacturing.
Maximum match 3.5% of pay. Also in medical devices and other manufacturing.
Maximum match 4% of pay. Also in medical devices and other manufacturing.
Maximum match 3% of pay. Same recordkeeper, Fidelity Investments.
Maximum match 3% of pay. Same recordkeeper, Fidelity Investments.
Employer match vests in full after 3 years. Same 3-year cliff as Medtronic.
What can you do next?
Check your own balance and contribution rate at Fidelity NetBenefits ↗, the recordkeeper this plan reports.
- Read the Form 11-K/A on SEC EDGAR ↗
Form 11-K/A filed October 24, 2025, SEC EDGAR. Every match fact on this page comes from it.
- Changed jobs? Find an old 401(k) ↗
The Department of Labor's Retirement Savings Lost & Found, a free government database.
- This year's IRS contribution limits ↗
The official deferral and catch-up limits every formula operates under.
- Download this data (CSV)
Formula, vesting and source references for this company, one file.
Questions this filing answers
What is Medtronic plc's 401(k) match?
Medtronic plc matches 50% of employee contributions up to 6% of eligible pay (plan year ended April 30, 2025).
When does the Medtronic plc 401(k) match vest?
Cliff: 100% vested after 3 years of service.
Does Medtronic plc's 401(k) plan have automatic enrollment?
Yes: default deferral 6% of pay; 60-day opt-out window; auto-escalation +1%/yr to 10%.
Cite: 401(k) Monitor, “Medtronic plc 401(k) plan facts”, from SEC Form 11-K/A accession 0001628280-25-046279, plan year ended 2025-04-30.