McDonald's 401(k)

McDonald’s Corporation is the largest fast-food restaurant chain in the world. They have over 40,000 outlets globally and are the second-largest private employer in the world, with over 1.7 million employees. McDonald’s employees are eligible for a wealth of benefits, in addition to their regular salary. One of the benefits to look out for is the McDonald’s 401(k) plan.

McDonald’s employees are eligible to participate in the 401(k) plan if they are over 21, a formal employee, and have completed a full month of service. You can contribute from 1% to 50% of your pay. McDonald’s matches contributions dollar-for-dollar up to 6% of eligible pay after your first year of service with at least 1,000 hours of work.

McDonald's 401(k) provider

McDonald's Corporation 401(k) plan was with Alight Solutions LLC but moved to Empower Retirement in 2020. Eligible participants can log on through Empower’s Portal or use the McDonald’s Employee Hub.  Through the employee hub, you can log on with your employee number, or you can create a new username and password on Empower’s site. First-time users may need to verify their identity.

McDonald's 401(k) login

You can access your McDonald's 401(k) account both through the McDonald’s Employee Hub and Empower’s 401(k) Portal. Through the employee portal, you will need to use your Employee ID and password to log in. For Empower’s site, you will create your username and password. If you have forgotten your login details at any time, you can use the recovery and password reset option on the login page.

McDonald's 401(k) match

McDonald’s offers a dollar-for-dollar match on eligible compensation, up to 6%. To be eligible for the company match, you must have worked for at least a year, with at least 1,000 service hours in that year. While the match is only available on regular contributions, not catch-up payments, you don’t have to contribute 6% every month. Instead, you simply need to have made contributions of 6% of pay in the calendar year.

McDonald's 401(k) customer service

If you need assistance with your McDonald’s 401(k) plan, you can get hold of the McDonald’s Employee Health and Retirement Service Center Customer Service Center at 877-469-4015, between 8 am and 8 pm ET on weekdays. If you are outside of the US, use their 1-847-883-0760 phone number instead.

McDonald's 401(k) loan

You can have one loan, for any purpose, active against your McDonald’s 401(k) plan at any time. The minimum amount you can borrow is $1,000, with the maximum being the lesser of 50% of your vested balance or $50,000. You can choose a loan period from 1 year to 4.5 years.

McDonald's 401(k) after termination

If you are part of the McDonald’s 401(k) plan and leave employment at McDonald’s, your plan will be cashed out if the balance is under $1,000. If the balance is higher, you can leave it in the plan for 30 days to decide what to do. You can then either rollover the 401(k) plan to your new employer or a qualified IRA or retirement plan. You can also withdraw the full balance or installments, but there will be taxes, and potential penalties if you are younger than 59 ½.

McDonald's 401(k) withdrawal

McDonald’s does not allow withdrawals from your 401(k) plan unless you are over age 59 ½, in which case you can make penalty-free withdrawals. For those still working and under that age, you can instead take a loan, or use their ‘pass through dividend’ option to have dividends earned within the plan paid to you. As of 2021, McDonald’s 401(k) plan also considers hardship withdrawals for those below 59 ½ facing a financial emergency.

McDonald's 401(k) early withdrawal

McDonald’s did not previously allow withdrawals from the McDonald’s 401(k) plan unless you were over 59 ½. If you are older than age 59 ½, you can withdraw all your pre-and post-tax contributions, vested company match, and other balances as you choose. Below that age limit, you could take a loan, or use the ‘pass through dividend’ option to get dividends earned paid to you, but could not take a withdrawal otherwise. 

Since 2021, however, you may qualify for a hardship withdrawal in unusual circumstances of financial emergency. This includes foreclosure and eviction, medical bills and unpaid house damages, some education types, and sometimes for the purchase of a primary residence.

McDonald's 401(k) rollover form

To request a McDonald’s 401(k) rollover form, you can log on to Empower’s 401(k) Portal. Here you will also confirm that the rollover funds are qualified. If you have any difficulties with the rollover, you can call Empower Retirement directly at 855-756-4738, or contact the McDonald’s Employee Health and Retirement Service Center Customer Service Center at 877-469-4015, 8 am to 8 pm ET Monday-Friday.

McDonald's 401(k) account number

The easiest way to find your McDonald’s 401(k) account number is by logging on to Empower’s 401(k) Portal. If you have any problems, you can also contact a McDonald’s Benefits Center service representative at 877-469-4015 (1-847-883-0760 outside the US) or contact Empower Retirement at 855-756-4738 for help. You will need to prove your identity.

McDonald's 401(k) phone number

If you need help with your McDonald’s 401(k) plan, you can contact the McDonald’s Employee Health and Retirement Service Center Customer Service Center. The number is 877-469-4015, and they operate between 8 am and 8 pm ET from Monday to Friday.

For employees outside the US, you can use their 1-847-883-0760 phone number. For some 401(k) plan transactions, you can also contact Empower Retirement directly, using their 855-756-4738 phone number.

McDonald's 401(k) administrator

McDonald’s 401(k) plan appoints three senior committee members to administer the company 401(k) plan. You can contact the Vice President of Global Total Rewards for McDonald's Corporation at 877-623-1955 if you have any queries. Currently, this is Christopher Bellanca.

You can also write to the plan administrators at this address: McDonald’s 401k Plan Administrative Committee c/o McDonald’s Global Business Services, Dept. 291 McDonald’s Corporation 711 Jorie Boulevard Oak Brook, IL 60523  

McDonald's 401(k) eligibility

McDonald’s employees can participate in the McDonald’s 401(k) plan once they are 21 years of age, have their Social Security number on file with payroll, and have completed a full month of service. You can re-participate immediately if you are hired within 5 years of leaving, and were previously eligible.

McDonald's 401(k) vesting

You are 100% vested in your McDonalds 401(k) plan contributions at all times and can access any employer matches once you leave the company or retire.

McDonald's 401(k) app

You can manage your McDonald’s 401(k) via the Empower Retirement mobile app. It is available on both the Google Play Store and Apple App Store.

McDonald's 401(k) summary plan description

All McDonald’s 401(k) plan participants must receive a summary plan description from the plan administrators. If you need to replace yours or don’t have a copy, you can request one by calling the plan administration committee at 877-623-1955, or in writing via this address: McDonald’s 401k Plan Administrative Committee c/o McDonald’s Global Business Services, Dept. 291 McDonald’s Corporation 711 Jorie Boulevard Oak Brook, IL 60523.