Retirement plan

DISCOVER FINANCIAL SERVICES 401K PLAN

Name: DISCOVER FINANCIAL SERVICES - DISCOVER FINANCIAL SERVICES 401K PLAN (2015) Form 5500
Creator: DISCOVER FINANCIAL SERVICES
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DISCOVER FINANCIAL SERVICES 401K PLAN, DISCOVER FINANCIAL SERVICES

DISCOVER FINANCIAL SERVICESEIN 36-2517428Plan #003PY 2015

2500 LAKE COOK ROAD - RIVERWOODS, IL 60015224-405-0900LinkedIn11-50 employees

Other plans on this EIN

1 filing

#004Retirement-$377.5M assets

Prospect flagsLow returnsLow participationLow participant contributionFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$1105.4M

-11.4% from 2016

Total participants

27,997

-4.9% from 2016

Average account balance

$56,905

-7.2% from 2016

Annual return

-3.02%

-13.01 pp from 2016

Benchmarks

See 75 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants>=10,000

Cohort75 peers

Snapshot2015

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.21B

Not enough data

1 years with asset history on file

Average account balance

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

$120K

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.

26,671

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.

97.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$276.03M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+14.45%

Not enough data

1 years with return on file

Admin fee / account holder

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

$88

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

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

Service providers

Top 7 by compensation

Provider	Service type	Compensation
STATE STREET GLOBAL ADVISORS1+ years Service code 28 STATE STREET FINANCIAL CENTER · BOSTON, MA 021112900	Investment Management	$498,804
DODGE & COX1+ years Filed as: DODGE AND COX Service code 28 · EIN 94-1441976	Investment Management	$59,706
LOOMIS SAYLES1+ years Filed as: LOOMIS, SAYLES & COMPANY Service code 28 · EIN 84-6391546	Investment Management	$41,949
MORGAN STANLEY SMITH BARNEY1+ years Filed as: JP MORGAN FUNDS SERVICES Service code 27 P.O. BOX 8528 · BOSTON, MA 022668528	Advisory (Plan)	$16,655
THE BANK OF NEW YORK MELLON1+ years Service code 28 · EIN 25-6078093	Investment Management	$12,479
HEWITT ASSOCIATES LLC1+ years Filed as: HEWITT ASSOCIATES Service code 15 · EIN 36-2235791	Recordkeeping	$0
HEWITT ASSOCIATES LLC1+ years Service code 99	Other Fees	$0

Plan features & details

Pension benefit codes2E2F2G2J2K2O2S2T3F3H3J

Plan features

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.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
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)).
3J
U.S.-based Puerto Rico dual-qualified plan
U.S.-based plan that covers residents of Puerto Rico and is qualified under both Code section 401 and section 1165 of the Internal Revenue Code of Puerto Rico.

Opportunity flags

5 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$634K

$28 / participant

Investment mgmt$634K100.0%

% of EOY assets

0.057%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CROWE HORWATH, LLP
Auditor EIN: 350921680
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$56,905

$87,670-35.1%

$123,105-53.8%

$69,651-18.3%

Participation rate

61.8%

87.8%-26.0pp

86.8%-25.0pp

66.6%-4.8pp

Annual return

-3.02%

3.10%-6.1pp

13.22%-16.2pp

53.77%-56.8pp

Employer contribution / active EE

$2,487

$3,511-29.1%

$5,151-51.7%

$2,241+11.0%

Participant deferral / active EE

$2,754

$5,412-49.1%

$6,229-55.8%

$3,635-24.2%

Admin fee / account holder

$33

$94-65.3%

$9,014-99.6%

$63-48.4%

Provider

Service type

Compensation

STATE STREET GLOBAL ADVISORS1+ years

Service code 28

STATE STREET FINANCIAL CENTER · BOSTON, MA 021112900

Investment Management

$498,804

DODGE & COX1+ years

Filed as: DODGE AND COX

Service code 28 · EIN 94-1441976

Investment Management

$59,706

LOOMIS SAYLES1+ years

Filed as: LOOMIS, SAYLES & COMPANY

Service code 28 · EIN 84-6391546

Investment Management

$41,949

MORGAN STANLEY SMITH BARNEY1+ years

Filed as: JP MORGAN FUNDS SERVICES

Service code 27

P.O. BOX 8528 · BOSTON, MA 022668528

Advisory (Plan)

$16,655

THE BANK OF NEW YORK MELLON1+ years

Service code 28 · EIN 25-6078093

Investment Management

$12,479

HEWITT ASSOCIATES LLC1+ years

Filed as: HEWITT ASSOCIATES

Service code 15 · EIN 36-2235791

Recordkeeping

HEWITT ASSOCIATES LLC1+ years

Service code 99

Other Fees

DISCOVER FINANCIAL SERVICES 401K PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DISCOVER FINANCIAL SERVICES 401K PLAN

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