Retirement plan

APPLE 401(K) PLAN

APPLE INC.EIN 94-2404110Plan #001PY 2022
ONE APPLE PARK WAY, MS 104-1BEN - CUPERTINO, CA 95014408-974-3833apple.comLinkedIn10001+ employeesconsumer electronics
Prospect flagsLow returnsCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(408) 974-3833
Plan administrator signer
GRACE MUNSON
Signed 10/09/2023

Summary metrics

Total assets (EOY)
$14996.7M
-19.4% from 2016
Total participants
147,753
-1.0% from 2016
Average account balance
$102,938
-17.4% from 2016
Annual return
-17.77%
-10.48 pp from 2016

Benchmarks

Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants>=10,000
Cohort101 peers
Snapshot2022
Participant deferral / active EE
$11,024
median $7,572
Employer contribution / active EE
$5,614
median $4,531
Participation rate
98.1%
median 95.9%
Avg account balance
$102,938
median $127,170
Admin fee / account holder
$53
median $62
Annual return
-17.77%
median -15.10%
Overall peer rank
56th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$24.71B
Average account balance
Total assets / participants with a balance (line 6g)
$172K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
143,849
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
98.4%
Contributions (total)
Employer and participant dollars contributed each year
$2.20B
Contributions per participant
Average employer and participant contribution per enrolled participant
$22K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+18.95%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$51
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 10 of 28 by compensation
ProviderService typeCompensation
Service code 26 · EIN 47-2614791
Advisory (Participants)
$2,174,987
Service code 26 · EIN 84-1532243
Advisory (Participants)
$2,106,291
Service code 15
8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111
Recordkeeping
$2,093,106
Service code 26
JP MORGAN CHASE TOWER · DALLAS, TX 75201
Advisory (Participants)
$1,193,484
Service code 33 · EIN 94-1737782
Securities brokerage commissions and ...
$79,241
Service code 20 · EIN 84-1455663
Trustee (individual)
$74,784
Service code 26 · EIN 82-3052014
Advisory (Participants)
$54,102
Service code 26 · EIN 20-2480800
Advisory (Participants)
$39,076
Service code 26 · EIN 43-1270780
Advisory (Participants)
$30,375
Service code 26 · EIN 61-1711175
Advisory (Participants)
$28,487

Top hat statement on fileNQDC

Filed September 18, 2018

Plan administrator

Plans declared (1)

  • Apple Inc. Deferred Compensation Plan3,200 emp

Plan features & details

Pension benefit codes2A2E2F2G2J2K2R2S2T3F3H
Plan features
  • 2A
    Age/service weighted or new comparability plan
    Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants 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.
  • 2J
    Code section 401(k) feature
    Cash 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.
  • 2K
    Code section 401(m) arrangement
    Employee 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.
  • 2R
    Participant-directed brokerage accounts
    Participant-directed brokerage accounts provided as an investment option under the plan.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 3F
    Leased employees
    Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped
  • OpportunityLow returns

    Annual investment return is in the bottom quintile of the peer cohort.

  • ComplianceCorrective distributions

    Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II
Admin total
$7.7M
$73 / participant
  • Investment mgmt$5M71.2%
  • Contract admin$2M27.2%
  • Other / not subdivided$125K1.6%
% of EOY assets
0.051%
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
ERNST & YOUNG LLP
Auditor EIN
346565596
Audit fees
(not subdivided)
Opinion code
Unqualified