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Mfa Financial 401(k) retirement plan: the investment options
Does your 401(k) vote the way you would? $12,892 of the $6m in the Mfa Financial 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 Mfa Financial 401(k) holds $6m. Of the $12,892 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.
SourceMfa Financial’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 |
|---|---|---|---|
| Tesla, Inc.listed as “Common Stock, 6,523 shares” | Directly held shares | Voted by the plan trustee | $3m |
| Apple Inc.listed as “Common Stock, 2,659 shares” | Directly held shares | Voted by the plan trustee | $665,858 |
| Meta Platforms, Inc.listed as “Common Stock, 580 shares” | Directly held shares | Voted by the plan trustee | $339,640 |
| Amazon.com, Inc.listed as “Common Stock, 1,389 shares” | Directly held shares | Voted by the plan trustee | $304,733 |
| MFA Financial, Inc.listed as “Common Stock, 28,953 shares” | Employer stock | Voted by the plan trustee | $296,212 |
| Target Corporationlisted as “Common Stock, 1,095 shares” | Directly held shares | Voted by the plan trustee | $148,022 |
| Netflix, Inc.listed as “Common Stock, 159 shares” | Directly held shares | Voted by the plan trustee | $141,720 |
| Royal Bank of Canadalisted as “Common Stock, 1,045 shares” | Directly held shares | Voted by the plan trustee | $125,905 |
| NVIDIA Corporationlisted as “Common Stock, 786 shares” | Directly held shares | Voted by the plan trustee | $105,499 |
| Spotify Technology S.A.listed as “Common Stock, 200 shares” | Directly held shares | Voted by the plan trustee | $89,476 |
| Royal Caribbean Cruises Ltd.listed as “Common Stock, 361 shares” | Directly held shares | Voted by the plan trustee | $83,326 |
| Microsoft Corporationlisted as “Common Stock, 190 shares” | Directly held shares | Voted by the plan trustee | $79,932 |
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 Mfa Financial 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 Mfa Financial; 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 100% 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.