Retirement plan
SEAGATE 401(K) PLAN
SEAGATE U.S. LLCEIN 77-0545987Plan #001PY 2023
Prospect flagsHigh assets / participantCorrective distributions
Filing contacts
From the Form 5500, federal recordPlan administrator signer
SCOTT SILL
Signed 10/15/2024
Summary metrics
Total assets (EOY)
$2136.2M
-5.4% from 2016
Total participants
7,210
+1.8% from 2016
Average account balance
$299,518
-6.7% from 2016
Annual return
20.25%
-5.80 pp from 2016
Benchmarks
Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants1,000-4,999
Cohort809 peers
Snapshot2023
95
Participant deferral / active EE
$17,810
median $5,512
65
Employer contribution / active EE
$3,880
median $2,837
74
Participation rate
97.6%
median 94.9%
98
Avg account balance
$299,518
median $84,192
64
Admin fee / account holder
$71
median $91
70
Annual return
20.25%
median 18.51%
Overall peer rank
78of 100
78th percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$2.30B
Average account balance
Total assets / participants with a balance (line 6g)
$340K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
6,768
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
97.0%
Contributions (total)
Employer and participant dollars contributed each year
$62.06M
Contributions per participant
Average employer and participant contribution per enrolled participant
$20K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+17.84%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$76
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 7 by compensation
| Provider | Service type | Compensation |
|---|---|---|
STRATEGIC ADVISORS, INC.5 years Service code 27 · EIN 04-2654524 | Advisory (Plan) | $271,949 |
CALLAN6 years Service code 27 · EIN 94-2192581 | Advisory (Plan) | $81,983 |
Service code 37 · EIN 04-2647786 | Loan Processing | $66,928 |
MOSS ADAMS LLP9+ years Service code 10 · EIN 91-0189318 | Accounting | $33,150 |
NFP RETIREMENT, INC9+ years Service code 16 · EIN 33-0905143 | Consulting | $15,000 |
ADP, INC1 year Service code 49 · EIN 13-3036745 | Other Services | $9,000 |
STATE STREET GLOBAL ADVISORS9+ years Service code 51 · EIN 81-4017137 | Investment Mgmt Fees | $8,539 |
Top hat statement on fileNQDC
Filed February 3, 2015 (most recent of 3 filings on file)
Plan administrator
Plan administrator name— Sign in and upgrade to view
10200 S De Anza Blvd
Cupertino State: CA Zip Code: 95014
Plans declared (1)
- 2015 Seagate Deferred Compensation Plan247 emp
Plan features & details
Pension benefit codes2E2F2G2J2K2S2T3F3H
Plan features
- 2EProfit-sharingProfit-sharing plan.
- 2FERISA section 404(c) planThis plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
- 2GTotal participant-directed account planParticipants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
- 2JCode section 401(k) featureCash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
- 2KCode section 401(m) arrangementEmployee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
- 2SAutomatic enrollmentPlan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
- 2TDefault investment accountTotal or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
- 3FLeased employeesPlan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
2 tripped
- ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
- InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.
Expense breakdown
Schedule H Part II
Admin total
$508K
$158 / participant
- Recordkeeping$67K13.2%
- Investment mgmt$280K55.3%
- Other / not subdivided$160K31.6%
% of EOY assets
0.024%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Unqualified opinion
Auditor signed off without reservation - the cleanest possible opinion.
- Auditor firm
- MOSS ADAMS LLP
- Auditor EIN
- 910189318
- Audit fees
- $33,150
- Opinion code
- Unqualified