UMB Retirement Plan Grows Assets

In addition to strong investment returns, the plan transitioned away from a master trust and expanded eligibility.

June 26, 2025

UMB’s 401(k) and Profit Sharing Plan Posts Strong Growth, Eyes Expansion

UMB Financial Corporation’s Profit Sharing and 401(k) Savings Plan ended 2024 with $717.6 million in assets—a year-over-year increase of over $100 million. That growth came from strong investment returns, consistent contributions, and a shift in how plan assets are managed.

Investment Growth Drives Momentum

The plan’s share of income from the UMB Retirement Master Trust reached $107.8 million in 2024. This included net gains on held and sold investments, along with dividend and interest income. Even with $65.6 million in benefit payouts and $143,739 in administrative costs, the plan still added more than $102 million to net assets over the year.

Contributions Remain Strong

Participants contributed $36.6 million in 2024, with another $5.8 million in rollovers. UMB matched 50% of the first 9% of employee contributions—bringing in $15 million in matching contributions. That match remained consistent with the prior year. The company also added $1 million in profit sharing contributions.

New employees are automatically enrolled at a 3% deferral rate unless they opt out or choose another percentage. Contributions auto-escalate annually by 1% until they hit 9%, giving employees a way to build toward higher savings without taking action. As with previous years, employees can contribute as either pre-tax, Roth, or both.

Changes to Asset Management

One major change in 2024: the plan’s assets are no longer held within the UMB Retirement Master Trust. That structure was dissolved effective January 1, 2025. The plan now holds its investments directly—reducing layers and simplifying the framework for oversight.

The financials reflect this shift. At year-end, investments previously held in the master trust—mutual funds, money market funds, company stock, and a collective investment trust—were reported at fair value, with a new breakout structure to align with the direct-hold model going forward.

Impact of the HTLF Acquisition

On January 31, 2025, UMB completed its acquisition of Heartland Financial USA, Inc. New employees from HTLF are now eligible to participate in the plan. Those who elected to roll over balances from the HTLF Retirement Plan are scheduled to complete that transfer in Q3 2025.

That expansion is expected to grow the plan’s participant base and asset pool. While the effect of the acquisition won’t be fully reflected until the next reporting cycle, the foundation is in place for continued growth.

Loans, Withdrawals, and Plan Design

Plan loans totaled $8.2 million at year-end, with interest rates from 2.25% to 10.5%.

Hardship withdrawals and in-service distributions followed standard limits.

Participants are immediately vested in their contributions and company match.

Profit sharing contributions vest 50% after two years and fully after three.

$27,000+ in forfeited nonvested funds helped offset employer contributions.

Compliance and Oversight

An independent audit confirmed the plan’s financials were presented fairly in accordance with U.S. GAAP. The accompanying supplemental schedule was also reviewed and deemed accurate under Department of Labor standards.

No issues were identified in the plan’s accounting or valuation policies. Contributions, investment income, participant loans, and administrative fees were all accounted for in line with expected procedures.

As UMB expands its workforce and shifts its asset management structure, the plan is positioned to continue delivering retirement benefits that scale with both participation and performance.