2022 Best in Class 401(k) Plans | Winner
Amgen Retirement and Savings Plan
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Plan name | Amgen Retirement and Savings Plan |
Location | Thousand Oaks, Calif. |
Asset size ($MM) | $7.2 billion |
Participants | 19,000 |
Industry | Biotech/Fortune 1000 |
Participation rate | 97% |
Average deferral rate | 10% |
# of funds offered | 8 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | Immediately upon enrollment |
Eligibility | Immediately upon hire |
Default deferral rate | 5% |
Default investment | Professionally Managed Account (participant-level allocation model) |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | No |
Fee equalization |
Match Rate | 100% of first 6% of salary |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 5% |
Financial Education | |
Saving/Budgeting | |
Investing strategies | Yes |
College saving | |
Credit/Debt management | Yes |
Tax/Estate planning | |
Retiree health costs/savings options​ |
Recordkeeper | Bank of America |