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Markel Group 401(k) retirement plan: the investment options
Does your 401(k) vote the way you would? $566m of the $1.12bn in the Markel Group 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
Markel Group 401(k) match and balances, from the filing
- Company money in
- about $7,870 per active participant
- $29m in plan year 2024
- Employees saved
- about $9,380 each
- $35m in plan year 2024
- Average balance
- $194,900
- 5,039 people with a balance
- In the plan
- $982m
- at the end of plan year 2024
Company money is the match plus any other employer contributions, averaged over all 3,711 active participants, including anyone who did not contribute. The filing reports dollars, not the match formula; the plan’s summary plan description states the formula.
SourceThe plan’s annual report to the Department of Labor — Form 5500, Schedule H, plan year 2024 · filed by MARKEL GROUP INC. as “MARKEL GROUP INC. RETIREMENT SAVINGS PLAN” · EIN 541959284, plan number 003 · search the filings
The Markel Group 401(k) holds $1.12bn. Of the $566m we could identify from the plan’s own filing, every dollar sits in a fund that publishes no record of how it voted your shares — collective trusts, which unlike a mutual fund file no Form N-PX and leave no public trace of a single vote.
SourceMarkel Group’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 |
|---|---|---|---|
| Markel Group Inc.*listed as “114,323 shares of Markel Group Inc. common stock, cost of $ 97,156,045” | Employer stock | Voted by the plan trustee | $246m |
| Fidelity Management Trust*listed as “2,613,653 shares of Fidelity Contrafund Commingled Pool - Class A” | Collective trust or separate account | NONE | $145m |
| Fidelity Investments*listed as “497,226 shares of Fidelity 500 Index Fund - Premium Class” | Not identified from the filing | Not counted either way | $118m |
| Fidelity Management Trust*listed as “6,088,995 shares of Fidelity Freedom 2040 Commingled Pool - Class F” | Collective trust or separate account | NONE | $110m |
| Fidelity Management Trust*listed as “5,528,785 shares of Fidelity Freedom 2030 Commingled Pool - Class F” | Collective trust or separate account | NONE | $87m |
| Fidelity Management Trust*listed as “4,288,067 shares of Fidelity Freedom 2050 Commingled Pool - Class F” | Collective trust or separate account | NONE | $80m |
| Fidelity Investments*listed as “39,077,250 shares of Fidelity Government Money Market Fund - Institutional Class” | Money-market fund | PUBLISHED | $39m |
| Fidelity Investments*listed as “3,023,895 shares of Fidelity U.S. Bond Index Fund - Institutional Class” | Bonds | No shares to vote | $32m |
| Fidelity Investments*listed as “1,812,883 shares of Fidelity Puritan Fund - Class K6” | Collective trust or separate account | NONE | $31m |
| Fidelity Investments*listed as “258,549 shares of Fidelity Extended Market Index Fund - Premium Class” | Not identified from the filing | Not counted either way | $26m |
| Fidelity Investments*listed as “420,241 shares of Fidelity International Index Fund - Premium Class” | Not identified from the filing | Not counted either way | $26m |
| Fidelity Management Trust*listed as “1,687,393 shares of Fidelity Freedom 2020 Commingled Pool - Class F” | Collective trust or separate account | NONE | $25m |
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 Markel Group 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 Markel Group; 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 79.3% 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.