M&T Bank Corporation 401(k): T. Rowe Price, match 5% max
M&T Bank Corporation Retirement Savings Plan · MTB · CIK 36270
T. Rowe Price is the recordkeeper named on the Form 5500 filed for this plan, the company that keeps the account records. Where to log in, and what the filing says.
Maximum employer match, as a share of pay
5%
M&T Bank Corporation matches 100% (dollar-for-dollar) of the first 5% of pay.
From the Form 11-K filed June 26, 2026 ↗, covering the plan year ended December 31, 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 · who holds your account · what the plan reports to the DOL · how it compares · what to do next
What M&T Bank puts in, and what the plan costs
What M&T Bank put into the plan, per active participant
$6,786
M&T Bank Corporation put $6,786 into this plan for each of its 22,296 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.
M&T Bank put in more per active participant than 77% of plans with 5,000+ participants at banks and lenders. The middle plan in that group of 66 reported $4,881. Banks and lenders comes from business code 522110, which M&T Bank 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.
What this figure cannot separate: how much M&T Bank 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 December 31, 2024, EIN 160538020, plan 004 · DOL EFAST2 ↗
The $6,786 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. M&T Bank Corporation also files a Form 11-K, which states the match formula for plan year 2025: the card below reads $2,475 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 M&T Bank puts in
$2,475
a year, at a $49,500 salary.
The match paragraph, word for word
“Upon completing six months of employment, the Company will make an employer matching contribution in an amount equal to 100% of the participant’s contributions that do not exceed 5% of compensation for the Plan year.”
What you contribute to collect all of it
Contribute at least 5% of your pay to collect the full match.
That is $2,475 a year at a $49,500 salary, and it scales with your own.
Vesting score
100 out of 100
How fast the employer’s money becomes yours. Higher than 48% of the 369 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: 100%, 100%, 100%, 100%, 100%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Participants’ accounts are at all times fully vested and nonforfeitable, with the exception of DEC and RAA contributions plus earnings thereon. Participants become fully vested in their DEC and RAA contributions after completion of five years of vesting service, death, or when normal retirement age is reached while employed by the Company. Normal retirement age is the later of age 65 and the fifth anniversary of the date the participant began participation in the Plan.”
A worker hired today collects no match for 6 months. This is a filed term, and it does not move the score above.
Eligibility, word for word
“Employees who are at least 21 years of age are immediately eligible to participate in the Plan and make pre-tax or Roth contributions through salary reduction (each a “participant”). A participant may receive matching contributions upon completing six months of service.”
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
64th percentile
$70.75 per participant in plan-paid administrative cost, more expensive than 64% of plans with 5,000+ participants.
What is M&T Bank's 401(k) match formula?
M&T Bank's 401(k) employer match tops out at 5% of pay. One rate up to one limit is the commonest of the four shapes a match formula takes.
| Match formula | 100% (dollar-for-dollar) of the first 5% of pay |
|---|---|
| Maximum employer match | 5% of compensation |
| Conditions | Matching contributions begin upon completing six months of employment; catch-up contributions are unmatched |
| Other employer contribution | Retirement Accumulation Account (RAA) contribution for participants hired before January 1, 2020: a percentage of compensation based on years of vesting service, requiring 1,000 hours of service and employment on the last day of the plan year (waived on retirement during the year) |
| Other employer contribution | Discretionary Employer Contribution (DEC) for participants hired after December 31, 2019: a uniform percentage of Benefit Compensation, requiring 1,000 hours of service and employment on the last day of the plan year |
At a $75,000 salary, contributing 5% ($3,750) earns the full employer match of $3,750 for the year.
What the filing says, word for word
“Upon completing six months of employment, the Company will make an employer matching contribution in an amount equal to 100% of the participant’s contributions that do not exceed 5% of compensation for the Plan year.”
Source: Form 11-K filed June 26, 2026, SEC EDGAR, corroborated by the filing's inline-XBRL facts · SEC ↗
What is M&T Bank's 401(k) vesting schedule?
M&T Bank vests the employer match immediately: 100% is yours as soon as it is paid in. Nothing is forfeited when you leave, which is not true of the two schedules that vest over time.
| Employer match vesting | Immediate: employer match is 100% vested when contributed |
|---|---|
| Your own contributions | Immediate: always 100% yours |
| Other employer contributions | DEC and RAA contributions vest on a graded schedule: 0% under 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 100% at 5 years of vesting service; full vesting also on death or reaching normal retirement age (later of age 65 and fifth anniversary of participation) while employed |
Vesting, word for word
“Participants’ accounts are at all times fully vested and nonforfeitable, with the exception of DEC and RAA contributions plus earnings thereon. Participants become fully vested in their DEC and RAA contributions after completion of five years of vesting service, death, or when normal retirement age is reached while employed by the Company. Normal retirement age is the later of age 65 and the fifth anniversary of the date the participant began participation in the Plan.”
Source: Form 11-K filed June 26, 2026, SEC EDGAR · SEC ↗
Who can join M&T Bank's 401(k), and is enrollment automatic?
M&T Bank enrolls new hires automatically at 1% of pay, rising 1% a year to 10% of pay.
| Plan entry | Employees at least 21 years of age are immediately eligible to participate and make pre-tax or Roth contributions |
|---|---|
| Match eligibility | Matching contributions after completing six months of service |
| Automatic enrollment | Yes: default deferral 1% of pay; auto-escalation +1%/yr to 10% |
Eligibility, word for word
“Employees who are at least 21 years of age are immediately eligible to participate in the Plan and make pre-tax or Roth contributions through salary reduction (each a “participant”). A participant may receive matching contributions upon completing six months of service.”
Automatic enrollment, word for word
“When an eligible employee first becomes a participant in the Plan, after six months of continuous service, the employee is automatically deemed to enter into a salary reduction agreement providing for pre-tax contributions of 1% of the employee’s compensation, starting on the first administratively practicable pay date. The contribution percentage will automatically increase by 1% on the first pay date in February after employee contributions start, unless the eligible employee elects to opt out of the salary reduction agreement. If the eligible participant has a salary reduction agreement in effect providing for employee pre-tax contributions at a rate less than 10%, the contribution percentage will automatically increase by 1% on the first practicable pay date in February each year, until the rate reaches 10%.”
Source: Form 11-K filed June 26, 2026, SEC EDGAR · SEC ↗
Who holds your account
Schedule C of the Form 5500 filed for plan year 2024 reports T. Rowe Price, filed as “T ROWE PRICE RPS INC”. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. The trustee that holds the plan’s assets can be a different company, and this filing does not name it.
801 plans on file name T. Rowe Price as their recordkeeper. Of those, the 800 with a computable fee have a median plan-paid cost of $86.70 per participant.
Participants log in at T. Rowe Price Workplace ↗. 401(k) Monitor is not affiliated with T. Rowe Price or with any other recordkeeper, and takes nothing for this link. It is here because that is where the account is.
| Recordkeeper | T. Rowe Price |
|---|---|
| Recordkeeper address | 1307 Point Street, Baltimore, MD 21231 |
What does the M&T Bank plan report on Form 5500?
The M&T Bank plan reported $5.2B in assets and 32,034 participants for plan year 2024.
| Total plan assets | $5,197,836,402 |
|---|---|
| Participants | 32,034 |
| Plan-paid admin cost per participant | $70.75 |
How that cost compares
This plan pays $70.75 per participant. The median across plans at banks and lenders is $152.83, from the 2,143 of 2,264 whose Form 5500 yields a per-participant cost.
How does M&T Bank's 401(k) match compare?
M&T Bank Corporation's maximum 401(k) match of 5% of pay compares with a median of 4% across the 269 companies in our data with a computable formula.
Employers worth reading next
Of the six employers below, three file at banks and lenders, two report the same recordkeeper and one vests on the same schedule.
Maximum match 5% of pay. Also at banks and lenders.
Maximum match 5% of pay. Also at banks and lenders.
Maximum match 5% of pay. Also at banks and lenders.
Maximum match 5% of pay. Same recordkeeper, T. Rowe Price.
Maximum match 5.4% of pay. Same recordkeeper, T. Rowe Price.
Maximum match 4.25% of pay. Vests immediately too, like M&T Bank.
What can you do next?
- Read the Form 11-K on SEC EDGAR ↗
Form 11-K filed June 26, 2026, 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.
Questions this filing answers
What is M&T Bank Corporation's 401(k) match?
M&T Bank Corporation matches 100% of employee contributions up to 5% of eligible pay (plan year ended December 31, 2025).
When does the M&T Bank Corporation 401(k) match vest?
Immediate: employer match is 100% vested when contributed.
Does M&T Bank Corporation's 401(k) plan have automatic enrollment?
Yes: default deferral 1% of pay; auto-escalation +1%/yr to 10%.
Who is the recordkeeper for M&T Bank Corporation's 401(k)?
T. Rowe Price is named as the recordkeeper on the Form 5500 filed for M & T Bank Corporation Retirement Savings Plan for plan year 2024. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to.
Source
The match formula, the vesting schedule and the enrollment rules on this page were read from one document: the Form 11-K annual report that M&T Bank Corporation filed with the US Securities and Exchange Commission for the plan year ended December 31, 2025. Each of those fields carries the filing sentence it was read from, expandable where the field appears. Nothing on this page was supplied by the employer to this site.
The plan assets, the participant counts, the plan-paid fees and the recordkeeper come from a different document, the plan’s DOL Form 5500 annual return, and the section that reports them links it. Comparisons with other employers are computed across the filings named in the section they appear in.
Read the filing on SEC EDGAR ↗
| Document | Form 11-K annual report |
|---|---|
| Filed with | US Securities and Exchange Commission (EDGAR) |
| Filed by | M&T Bank Corporation |
| SEC CIK | 36270 |
| Accession number | 0000036270-26-000043 |
| Plan | M&T Bank Corporation Retirement Savings Plan |
| Period of report | December 31, 2025 |
| Filed | June 26, 2026 |
401(k) Monitor is not affiliated with M&T Bank Corporation, with the Securities and Exchange Commission or with this plan’s recordkeeper, and publishes this page without their involvement. It republishes a public filing and says where it came from.
Cite this page
401(k) Monitor, “M&T Bank Corporation 401(k) plan facts”, from SEC Form 11-K accession 0000036270-26-000043, plan year ended December 31, 2025.
