The average 401(k) match, measured from filings
4.5%
The median maximum employer match is 4.5% of pay among the 186 large US employers whose SEC Form 11-K filings state a match formula that can be computed, of the 219 employers whose filings we read. The single most common formula is 100% of the first 6% of pay.
These are large public employers whose plans hold employer stock, because those are the companies required to file an 11-K. They are not a sample of all US employers, and every rate here is a stated maximum, not the average amount collected. How this data is built
How the maximum match rates are distributed
The middle half of the distribution runs from 3.75% to 6% of pay, and the mean is 4.63%. 55 of the 186 employers (30%) will match 6% of pay or more for a worker who contributes enough to collect all of it.
Each employer counts once, at the maximum its stated formula pays as a percent of eligible pay. Quartiles are the medians of the lower and upper halves, so every quartile is a rate a real filing states. Plan years ended December 31, 2024 to January 31, 2026.
The formulas behind the rates
| Formula shape | Employers |
|---|---|
| 100% of the first N% of pay (one tier) | 81 |
| Two or more tiers | 50 |
| 50% of the first N% of pay (one tier) | 29 |
| Another single rate, or only a stated ceiling | 22 |
| A flat % of pay once you contribute enough | 4 |
The 186 computable formulas, grouped by shape. Among the dollar-for-dollar formulas, the most common cap is 6% of pay (36 employers); among the 50-cent formulas it is 6% of pay (19).
The highest rates, and the employers with none
13 employers state a formula that reaches 7% of pay or more. John Deere is the highest at 10% of pay.
| Company | Max match (% of pay) | Formula, per the filing |
|---|---|---|
| John Deere | 10 | 300% of the first 2% of pay, then 100% (dollar-for-dollar) of the next 4% of pay |
| Southwest Airlines | 9.3 | 100% (dollar-for-dollar) of the first 9.3% of pay (partly disclosed) |
| Chevron | 8 | 8% of pay if you contribute at least 2% |
| Phillips 66 | 8 | 100% (dollar-for-dollar) of the first 8% of pay |
| Hess | 7.98 | 133% of the first 6% of pay |
| Humana | 7.5 | 125% of the first 6% of pay |
| Marathon Petroleum | 7.02 | 117% of the first 6% of pay |
| Cullen/Frost Bankers | 7 | 100% (dollar-for-dollar) of the first 7% of pay |
| Exxon Mobil | 7 | 7% of pay if you contribute at least 6% |
| Honeywell International | 7 | 87.5% of the first 8% of pay |
| KeyCorp | 7 | 100% (dollar-for-dollar) of the first 7% of pay |
| Occidental Petroleum | 7 | 200% of the first 2% of pay, then 100% (dollar-for-dollar) of the next 3% of pay |
| Valero Energy | 7 | 100% (dollar-for-dollar) of the first 7% of pay |
No employer match at all: 4 filings
- Cal-Maine Foods
Cal-Maine Foods, Inc. KSOP: no employer match, per the filing
- IBM
IBM 401(k) Plan: no employer match, per the filing
- Northrop Grumman
Northrop Grumman Financial Security and Savings Program: no employer match, per the filing
- W. R. Berkley
W. R. Berkley Corporation Profit Sharing Plan: no employer match, per the filing
A no-match filing does not always describe the employer’s flagship plan: some dossiers cover a single legacy or subsidiary plan, and the plan name on each row says which plan the filing covers.
Outside the percentages
2 more filings state employer money that no percent-of-pay rate can describe:
- Costco Wholesale
50% of your contributions, capped at $500 a year
- Charter Communications
No match; the employer contributes on its own (a non-elective contribution)
The remaining 27 dossiers state no computable rate: 7 set the match at the company’s discretion each year, 3 set it by collective bargaining agreement, 7 disclose no formula in the filing, and 10 disclose only part of one. None of them is guessed into the distribution above.
The dollars view, from Form 5500
An 11-K states the promise. The Form 5500 states the money that actually moved, and it covers the whole large-plan universe, not just public companies. Across 49,412 plans with usable figures, the median employer put in $2,175 per active participant over the year; the mean is $3,198. Form year 2024.
| Plan size (participants) | Plans | Median ($/active) | Mean ($/active) |
|---|---|---|---|
| 100–499 participants | 31,427 | 2,252 | 3,302 |
| 500–999 participants | 8,096 | 1,886 | 2,813 |
| 1,000–4,999 participants | 7,623 | 2,034 | 3,052 |
| 5,000+ participants | 2,266 | 2,556 | 3,624 |
This is not a match rate. Schedule H reports one employer total that mixes matching, profit sharing, non-elective and safe harbor money, and the filing does not split them. The total is divided by active participants, which averages in people who contributed nothing and collected no match. Excluded: 134 pooled filings that average the client books of unrelated employers, 2,531 plans whose year-end active count no longer represents the year the money covers, and plans reporting no usable employer figure. 1,521 plans reported an employer total of exactly $0 for the year; they are counted here, not averaged into the figures above.
What this number is, and is not
Our median is the middle of the maximum match rates that 186 of the 219 employers state in their own SEC filings. It is a ceiling: a worker collects the full rate only by contributing enough, and workers who contribute less collect less. It says nothing about what the average participant actually received. The 4 filings that state no match at all are listed above; they are not averaged in as zeros.
Widely cited industry figures, such as Vanguard’s How America Saves report and the PSCA’s annual survey, measure different things on different samples: average employer contributions actually made across the plans they administer or survey, often blending match and non-match money. Their numbers and ours answer different questions, so they should not be compared digit for digit. What ours offers in exchange is that every rate is traceable to a named filing, quoted on the company’s own page.
The 11-K rows cover plan years ended December 31, 2024 to January 31, 2026; the Form 5500 figures are form year 2024. SEC EDGAR is checked for new 11-K filings every other day and the DOL bulk data refreshes monthly, so these figures move as filings land. Methodology
401(k) Monitor, “Maximum 401(k) employer match rates stated in SEC Form 11-K filings”, plan years ended December 31, 2024 to January 31, 2026, read from each plan’s most recent Form 11-K annual report.