Best Buy Enterprise Services, Inc. 401(k) Review & Grade
Best Buy Retirement Savings Plan
Richfield, MNRetail Trade84,838 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$766Employer $ per active participant
$1,637Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$3.1BNet plan assets, end of year
$56,721Average balance per account
Score breakdown
- Employer generosity27.6 / 5055th percentile for employer $ per participant
- Low cost6.3 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving7.3 / 1549th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Retail Trade plans with 10,000+ active participants (124 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 25th |
| Employee saving | 49th |
| Peers that auto-enroll | 32% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Best Buy Enterprise Services put in about $766 per active participant, more than the typical peer ($689). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.16% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $65,011,650 |
| Participant (employee) contributions | $138,846,349 |
| Other contributions (incl. rollovers in) | $3,858,716 |
| Administrative expenses paid from the plan | $4,897,885 |
| Contract administrator fees | $137,116 |
| Investment advisory & management fees | $2,487,084 |
| Other admin expenses | $14,150 |
| Benefits paid out | $314,247,643 |
| Net assets, start / end of year | $2.9B / $3.1B |
| Active participants, start / end of year | 85,980 / 83,696 |
| Participants with account balances | 55,134 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Deloitte & Touche, LLP |
| Employer stock held by plan | $97,909,706 |
Largest service providers (Schedule C)
| Voya Retirement Advisors | $2,487,084 reported compensation |
| Voya Institutional Plan Services | $2,372,883 reported compensation |
| Mercer (US) Inc | $103,050 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250814124745NAL0009881985001, received 2025-08-14, EIN 55-0805038, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.