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Fresenius Medical Care AG 401(k) retirement plan: the investment options
Does your 401(k) vote the way you would? $4.03bn of the $4.29bn in the Fresenius Medical Care AG plan votes in secret. Fidelity 500 Index Fund, the most common fund in the plans we track, publishes every vote: answer 3 of its ballots, then see your result.
The question on the ballot
As filed
The Fresenius Medical Care AG 401(k) holds $4.29bn. Of the $4.06bn we could identify from the plan’s own filing, 99.3% sits in funds that publish no record of how they voted your shares — collective trusts, which unlike a mutual fund file no Form N-PX and leave no public trace of a single vote.
SourceFresenius Medical Care AG’s own annual retirement-plan filing with the SEC (Form 11-K, Schedule of Assets) · open the filing
| What the plan holds | Vehicle | Voting record | Value |
|---|---|---|---|
| Equity Index Fund Flisted as “Units **” | Collective trust or separate account | NONE | $1.55bn |
| MassMutual Stable Value Separate Accountlisted as “Group annuity contract **” | Collective trust or separate account | NONE | $981m |
| MSCI ACWI ex - U.S. Index Fund Flisted as “Units **” | Collective trust or separate account | NONE | $441m |
| Mid Capitalization Equity Index Fund Flisted as “Units **” | Collective trust or separate account | NONE | $345m |
| Russell 200 Index Fund Flisted as “Units **” | Collective trust or separate account | NONE | $291m |
| US Debt Index Fund Flisted as “Units **” | Collective trust or separate account | NONE | $254m |
| Notes Receivable from Participantslisted as “Interest range of 4.25 - 10.75% -” | Bonds | No shares to vote | $132m |
| Emerging Markets Index Non-Lendable Fund Flisted as “Units **” | Collective trust or separate account | NONE | $122m |
| Brokerage Linklisted as “Brokerage accounts **” | Brokerage window | Whatever the saver buys | $78m |
| U.S. Treasury Inflation Protected Securities Fund Flisted as “Units **” | Collective trust or separate account | NONE | $31m |
| Vanguard Long-Term Bond Index Fundlisted as “Shares **” | Registered fund | PUBLISHED | $30m |
| Interest-Bearing Cashlisted as “Units” | Collective trust or separate account | NONE | $17m |
The 12 largest holdings in the plan. “Vehicle” is the description the filing itself gives each investment.
Why there is nothing to show
A mutual fund has to file Form N-PX every year listing every vote it cast on your behalf. A collective investment trust does not. It is a bank-run vehicle sold only inside retirement plans, it is cheaper, and it is now where most 401(k) default money sits — including most target-date funds, which is where savers who never chose anything are put.
So the shares bought with Fresenius Medical Care AG employees’ retirement savings are voted every proxy season — on executive pay, on board seats, on climate and workforce proposals — and there is no public document anywhere recording how. This is not an oversight by Fresenius Medical Care AG; it is what the disclosure rules currently require, which is to say: nothing.
What you can do
Check whether your plan offers any registered fund as an alternative — those publish their records, and you can read them here. If it does not, the menu itself is the thing that has to change, and that is a decision made by the plan’s fiduciary committee, not by you alone.
See how funds that do publish voted →
CoverageWe classified 99.6% of this plan’s assets from the filing. The figure above is the share of the money we could classify; anything we could not identify is excluded from it rather than assumed either way.
Other employer plans
The largest employer plans on the site, and a few more. Each page shows what the plan’s funds did with the shares its savers paid for.