Retirement plan

PALO ALTO NETWORKS, INC. 401(K) PLAN

Name: PALO ALTO NETWORKS, INC. - PALO ALTO NETWORKS, INC. 401(K) PLAN (2023) Form 5500
Creator: PALO ALTO NETWORKS, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PALO ALTO NETWORKS, INC. 401(K) PLAN, PALO ALTO NETWORKS, INC.

PALO ALTO NETWORKS, INC.EIN 20-2530195Plan #001PY 2023

3000 TANNERY WAY - SANTA CLARA, CA 95054408-753-4000paloaltonetworks.comLinkedIn10001+ employeescomputer & network security

Prospect flagsLow employer contributionCorrective distributions

Top hat statement on fileNQDC

Filed June 22, 2022

Plan administrator

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3000 Tannery Way

Santa Clara, CA 95054

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Plans declared (1)

Palo Alto Networks, Inc. Deferred Compensation Plan172 emp

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Total assets (EOY)

$977.9M

-40.5% from 2016

Total participants

9,956

-22.6% from 2016

Average account balance

$109,017

-15.2% from 2016

Annual return

30.41%

-15.30 pp from 2016

Benchmarks

See 95 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants5,000-9,999

Cohort95 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$1.31B

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$132K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

9,879

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

88.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$172.08M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$20K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+25.45%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$14

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
STRATEGIC ADVISORS, INC.3 years Service code 27 · EIN 04-2654524	Advisory (Plan)	$112,105
FIDELITY INVESTMENTS INSTITUTIONAL9+ years Service code 37 · EIN 04-2647786	Loan Processing	$28,802
SAGEVIEW ADVISORY GROUP, LLC2 years Filed as: SAGEVIEW ADVISORY GROUP LLC Service code 26 · EIN 33-0818667	Advisory (Participants)	$13,046

Plan features & details

Pension benefit codes2F2G2J2T3H3D2R

Plan features

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.
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 employer contribution
Employer contribution per participant 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

$150K

$18 / participant

Recordkeeping$23K15.1%
Investment mgmt$125K83.5%
Contract admin$2K1.4%

% of EOY assets

0.015%

all-in expense ratio

Categories reported

3 / 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: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$109,017

$121,599-10.3%

$135,998-19.8%

$103,657+5.2%

Participation rate

87.9%

76.2%+11.7pp

81.9%+6.0pp

73.4%+14.5pp

Annual return

30.41%

26.09%+4.3pp

68.37%-38.0pp

33.13%-2.7pp

Employer contribution / active EE

$968

$4,627-79.1%

$4,860-80.1%

$3,216-69.9%

Participant deferral / active EE

$17,969

$7,782+130.9%

$7,761+131.5%

$5,218+244.4%

Admin fee / account holder

$17

$76-77.9%

$10,769-99.8%

$114-85.4%

Provider

Service type

Compensation

STRATEGIC ADVISORS, INC.3 years

Service code 27 · EIN 04-2654524

Advisory (Plan)

$112,105

FIDELITY INVESTMENTS INSTITUTIONAL9+ years

Service code 37 · EIN 04-2647786

Loan Processing

$28,802

SAGEVIEW ADVISORY GROUP, LLC2 years

Filed as: SAGEVIEW ADVISORY GROUP LLC

Service code 26 · EIN 33-0818667

Advisory (Participants)

$13,046

PALO ALTO NETWORKS, INC. 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PALO ALTO NETWORKS, INC. 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion