Medtronic 401(k) at a glance
| Employer match | Medtronic matches 50% of the first 6% of pay you contribute each pay period (max 3% of pay). It may also pay a year-end discretionary 'true-up' match tied to company results; for the plan year ended April 30, 2025 it was 17.3% of contributions up to 6% of pay. |
|---|---|
| Maximum match | 3% of pay |
| Contribution needed for full match | 6% of pay |
| Company contribution (no match needed) | Employees hired on or after January 1, 2016 get an automatic core contribution of 3% of eligible pay. Some employees who joined before 2016 and chose the Personal Investment Account (PIA) get 5% instead. |
| Vesting | 3 years to fully vestCompany contributions vest after 3 years of service. |
| Eligibility | Regular full-time and part-time employees can join immediately upon hire. |
| Automatic enrollment | New hires are auto-enrolled at 6% pre-tax, rising 1% a year up to 10%. |
| Roth 401(k) option | Yes |
| Pension | YesSome employees hired before 2016 who did not choose the PIA stay in the Medtronic Retirement Plan (a pension) instead of getting the 5% PIA contribution. |
| Stock purchase plan | Employees can buy Medtronic stock at a 15% discount, contributing 2-10% of eligible pay (2023 company article). |
| Plan provider | Fidelity |
| Who this applies to | US regular full-time and part-time employees |
How much is the Medtronic match worth?
If you contribute 6% of your pay, Medtronic adds the full match. Here is what that means at different salaries, per year, before investment growth:
| Salary | You contribute (6%) | Medtronic match | Company contribution |
|---|---|---|---|
| $40,000 | $2,400 | $1,200 | $1,200 |
| $60,000 | $3,600 | $1,800 | $1,800 |
| $90,000 | $5,400 | $2,700 | $2,700 |
| $150,000 | $9,000 | $4,500 | $4,500 |
Illustration based on the plan terms above. Your actual match depends on eligible pay, timing and plan rules.
Good to know
- The plan year runs May 1 to April 30.
- The true-up match is discretionary and changes each year.
- The plan also has an ESOP component that holds past contributions.
Other Medtronic retirement benefits
- Matching charitable gifts up to $5,000 a year
- Tuition reimbursement
How to make the most of your Medtronic 401(k)
- Always get the full match. Contribute at least 6% of pay. It is an instant return you cannot get anywhere else.
- Check your vesting date before you change jobs, so you do not leave unvested money behind.
- Pre-tax or Roth? If you expect a higher tax rate in retirement, Roth contributions can pay off. Model it with our Roth conversion calculator.
- Watch fees and prefer low-cost index or target-date funds in the plan lineup.
- Plan the whole picture: see how your state taxes retirement income before you decide where to retire.
Frequently asked questions
Does Medtronic match 401(k) contributions?
Medtronic matches 50% of the first 6% of pay you contribute each pay period (max 3% of pay). It may also pay a year-end discretionary 'true-up' match tied to company results; for the plan year ended April 30, 2025 it was 17.3% of contributions up to 6% of pay. Employees hired on or after January 1, 2016 get an automatic core contribution of 3% of eligible pay. Some employees who joined before 2016 and chose the Personal Investment Account (PIA) get 5% instead.
When does the Medtronic 401(k) match vest?
Company contributions vest after 3 years of service.
When can I join the Medtronic 401(k)?
Regular full-time and part-time employees can join immediately upon hire.
Does Medtronic offer a pension?
Some employees hired before 2016 who did not choose the PIA stay in the Medtronic Retirement Plan (a pension) instead of getting the 5% PIA contribution.
How much should I contribute to get the full Medtronic match?
Contribute at least 6% of your pay. Anything less leaves part of the match unclaimed.
Sources (last verified Plan year ended April 30, 2025)
- Medtronic Savings and Investment Plan Form 11-K (plan year ended April 30, 2025) — SEC EDGAR (2025-10-24)
- 5 financial well-being perks Medtronic offers employees — Medtronic (2023-12-04)
Educational content only, not tax, legal or investment advice. Plans and tax laws change; confirm details with your employer's plan documents or your state revenue department. Smart Financial Lifestyle is not affiliated with any employer named on this site.